https://ift.tt/FLBG24O price analysis: LUNA bulls rally high as the price flashes at $85

TL;DR Breakdown

• The Terra price analysis is bullish.
• Resistance for LUNA is present at $87.7.
• Support for LUNA is present at $81.2.

The Terra price analysis is bullish for today as a considerable improvement in the price levels has been observed. Bulls have carried out a rally high and have elevated the price levels to the $85 range. The past few days have been detrimental for the crypto pair’s value as the bearish momentum was strong and deteriorated the coin’s value badly. Yet, today the trend has changed, and the bulls have made a strong comeback. The next point where bulls may get resistance again is at $87.7.

LUNA/USD 1-day price chart: Bulls striving for the lead as they mark high goals

The 1-day chart for Terra price analysis shows that the coin price has surged high today. Bulls have covered a range from $76.8 to $85.1. The price is currently set at $85.1 at the time of writing, as the coin has gained a value of 3.80 percent value during the last 24 hours; however, the coin is at a loss of 1.93 percent over the course of the past seven days. The price has jumped above the moving average (MA) indicator, which is trading at $83.5, and the current price and the MA value are still below the SMA 50 curve due to the continuous bearish trend during the past few days.

The volatility is high, which has provided the chance for the bulls to rally high, with the upper Bollinger band reaching $122.9 representing the strongest resistance for LUNA, and the lower band reaching $70.2 representing the strongest support combined the indicator suggests a vast price envelope for LUNA to oscillate within. The Relative Strength Index (RSI) score has also increased to index 44, and the indicator curve is also steeply upwards, which indicates the high buying activity in the market.

Terra price analysis: Recent developments and further technical indications

The 4-hours chart for Terra price analysis is also supporting the bulls as they have been in the lead for the last 12 hours and have gained significant value for the crypto pair. Bears also tried to play in after the price broke upwards at the start of the day but were soon sidelined by the bulls, and the price has been recorded to cover range upwards during the last four hours as well as it has reached $85.1.

The Bollinger bands are displaying the following figures; the upper Bollinger band is present at $84.5 while the lower band is present at $76.8, respectively, and the price has shooted past the upper band. The RSI, after traveling upwards at a sharp curve, is still moving towards the overbought boundary at index 58, but the curve has decreased a bit which hints at a slow down in the buying activity.

Terra price analysis conclusion

From the above 1-day and 4-hours Terra price analysis, we can see that the bulls are putting in their efforts to fight back the bearish momentum. The LUNA/USD price levels have reached $85.1 today, which is a great achievement for the bulls after a period of high losses. It can be expected that the cryptocurrency will continue further upside for the coming 12 hours.

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