Terra price analysis: LUNA bounces back to $52.7 as bulls regain control
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TL;DR Breakdown
- The Terra price analysis is bullish for today.
- Resistance for LUNA/USD is present at $53.9.
- Strong support for LUNA is found at $51.
The latest Terra price analysis is bullish as the coin is showing signs of bullish recovery as the price levels have been elevated today. The price had been consistently falling in the last week as a strong downtrend was following the market. The bears were maintaining control quite efficiently until today as the bulls have made a comeback and regained momentum now. The price is now at $52.7 as the bullish momentum has been successfully restored back after the coin got support at $50.4 support floor.
LUNA/USD 1-day price chart: Cryptocurrency value bounces back to $52.7 high
The one-day Terra price analysis is dictating a rise in price as the bullish momentum has been restored and the green candlestick has returned to the price chart. The cryptocurrency faced massive bearish resistance in the last week as the price underwent a significant decline. But today, the bulls are trying to recover back after staying under the bearish pressure for the past days. As a result, the price has heightened up to the $52.7 level, which is still below the moving average (MA) level, i.e., $54.4.
The volatility has been decreasing as the Bollinger bands are converging, but the gap is still considerably wide, which means that there is quite a margin for the price function to oscillate. As a result, the upper Bollinger band is now showing a $63.9 value, whereas the lower Bollinger band is showing a $44.8 value. The Relative Strength Index (RSI) score has increased up to index 42 as well.
Terra price analysis: Recent developments and further technical indications
The four-hour Terra price analysis also confirms the uptrend as the price function has been headed upwards continuously for the day, and only at one instance, a drop in price level was observed, otherwise the price continued to cover range upwards, as the bulls have been able to make a successful comeback. The price has been elevated up to $52.8.
The moving average is settled on the $52.6 mark below the price level, whereas the Bollinger bands are maintaining their average at $54. The upper Bollinger band is now touching $58.1, whereas the lower Bollinger band is at $50. The RSI score has increased in the last few hours and has moved up to index 44, which is quite a neutral figure.
Terra price analysis conclusion
The one-day and four-hour Terra price analysis is giving a favorable signal towards the buyers as the price has recovered prominently today. The LUNA/USD price has returned back to its former height, i.e., $52.8, as a result of the bullish momentum. The coin might continue upside for the coming hours if the buying momentum continues.
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