LUNA/USD Faces Downside; Price May Hit $45 Low – Cryptovibes.com – Daily Cryptocurrency and FX News
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Terra Price Analysis – January 28
For Terra’s downward trend, the dip is likely to worsen because of a recent decline in the crypto market.
LUNA/USD Market
Key Levels:
Resistance levels: $70, $75, $80
Support levels: $35, $30, $25
LUNA/USD like many other top cryptos is trading on the negative side. The current pullback has been across the board and the Terra is taking a strong hit as well. Currently trading at $51.17 but hovering around this level may cause the coin to create a daily low at $45 support.
Terra Price Analysis: What’s Could be the Next Direction?
According to the daily chart, the Terra price is likely to continue with the downward movement. On the downside, a move below the lower boundary of the channel; may increase the short-term selling pressure while the next supports may come at a psychological $35, $30, and $25 as the technical indicator Relative Strength Index (14) moves to cross into the oversold region.
Meanwhile, on the contrary, any bullish movement above the 9-day and 21-day moving averages may reach the next resistance at $70, $75, and $80 levels. Therefore, on the bright side, the technical indicator could start a new bullish session. It is, however, not clear how long the session may last, so, it is important to watch the resistance and support levels coupled with the movement of other indicators like the Relative Strength Index (RSI) and the Moving Averages (MA).
LUNA/BTC Market: Bears Are Likely to Play Out
Comparing with Bitcoin, the market price remains within the channel, for now, currently trading at 1359 SAT below the 9-day and 21-day moving averages. Looking at the daily chart, if the coin can make a cross below lower boundary of the channel, the bears may end up dominating the market.
However, if the market drops more, the next key supports may likely be at 1100 SAT and below. On the bullish side, a possible rise could push the market towards the moving averages to hit the resistance level of 1700 SAT and above. According to the technical indicator Relative Strength Index (14), the market may continue the downtrend as the signal line nosedives below 30-level.
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