Terra price analysis: LUNA looks for support as bearish momentum plunges down the price to $85
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TL;DR Breakdown
- The Terra price analysis is bearish.
- Bears have plunged LUNA’s price down once again.
- Support for LUNA is present at $78.2.
The Terra price analysis shows a bearish trend for today. The bears have taken over the price charts once again and have brought down the price from $92 to the $85 level; as the broader market is bearish, so is LUNA. Selling pressure came in during the last hours of the previous trading session, which turned the entire trend bearish yesterday and is on the go till now. Though the price has been in the upper price channel as recently, on 4th April, LUNA observed a new record high, but the coin is under a strong correction, and the loss is significant, further degradation of price is also expected in the hours.
LUNA/USD 1-day price chart: Bulls stand helpless as bears dominate
The 1-day price chart for Terra price analysis shows the price levels have sunk tremendously today as the price breakout was downwards today, and the price continues to go down. The LUNA/USD pair is trading hands at 85.7 at the time of writing, losing another 7.5 percent today. As the coin is one downfall, the crypto pair is also showing a loss of 23.17 percent over the past week, as for the last seven days, bears ruled the market and a bullish lead was observed for only one day. The trading volume has increased by 70.66 percent over the last 24 hours, providing a market dominance of 1.61 percent to LUNA.
The volatility is increasing for LUNA/USD as the Bollinger bands are diverging again, with the upper end of the indicator at the $119.8 mark representing the strongest correction, but it is not important at this time. The lower end of the Bollinger bands is present at the $82.8 mark representing the strongest support which is an important point to observe in the coming hours.
The relative strength index (RSI) is moving downwards at a sharp curve and has reached index 40 in the lower half of the neutral zone. The RSI level is still acceptable, but it may sink further in the coming hours if the heavy sell-off continues.
Terra price analysis: Recent developments and further technical indications
The 4-hour price chart for Terra price analysis shows a continuous degradation of price, and no considerable bullish effort has been observed today, despite the fact that bulls intervened in between and tried to elevate the price levels for a few hours, but they were soon outplayed by bears. The price is going down again and has been seen decreasing in the last four hours as well.
The relative strength index (RSI) has entered the undersold zone recently, and its curve is downwards as of now as it is showing a score of 28. The RSI curve indicates the high selling activity in the market and the great bearish pressure that has engulfed the price action.
The moving average (MA) continues to trade below the SMA 50 at $92, and the price is trading below the lower limit of the Bollinger Bands on the 4-hour chart, which at $86.5 represents support for LUNA/USD. Overall volatility indicator is continuing its downwards slope, hinting at the price to travel low for the coming hours.
Terra price analysis conclusion
The terra price analysis suggests that most of the technical indications are giving bearish signals but looking at the chart patterns and sinking of RSI, it is safe to assume that the price will decrease further in the coming hours, as well in the coming days, and LUNA may step into $70 range by the next trading session.
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