Terra price analysis: LUNA rejected at $70, as selling continues

TL:DR Breakdown

• Terra price analysis suggests downwards movement to $65
• The closest support level lies at $66.00
• LUNA faces resistance at the $70.00 mark

The Terra price analysis shows that despite the strong bearish activity, the bulls are able to fight back and have recovered from the lows of $56 to the current level above $67. However, strong bearish pressure still weighs on the price action making upwards movement difficult. 

The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies observe positive price movements. Major players include HEX and LUNA recording a 9.43 and a 9.18 percent incline respectively. 

Terra price analysis: LUNA rejected at $70.00

Across the technical indicators, the MACD is currently bullish as expressed in the green color of the histogram. However, the recent rejection at the $70.00 marksuggests further downwards movement as the selling continues. Nonetheless, the darker shade of the histogram suggests a declining bearish momentum as the bulls fight back across the short term charts presenting a mixed sentiment across the indicator. 

The EMAs are currently trading low as the Terra price analysis observes strong bearish activity over the past few days as the asset crashed from above $80.00 to the recent low of $54.17. While both EMAs move upwards reacting to the bullish movements, the 12-EMA has reacted to the recent price movements and moves with a declining slope. On the other hand, the 26-EMA continues to move upwards at a steady slope. 

The RSI is currently trading low in the neutral zone but hangs close to the mean position at 50.00 index unites. The indicator hovers at 43.51 index units and moves downwards with a gentle slope suggesting that while the bulls tried to fight back, strong bearish pressure still weighs on the price action, Furthermore, the indicator’s position suggests room for further downwards movement across short-term charts. 

The Bollinger Bands are currently wide but show convergence as the price action makes a return to the indicator’s mean line. The converging bands suggest a period of declining trade volatility for the LUNA/USDT charts. At press time, the indicator’s bottom limit provides support at the $53.48 mark while the mean line presents resistance at the $69.91 mark, showing room for downwards movement to the mark. 

Technical analysis for LUNA/USDT

Overall, the 4-hour Terra price analysis issues a sell signal with 11 of the 26 major technical indicators showing support to the bears across the timeframe. On the other hand, only five of the indicators side with the bulls, suggesting a decent bullish pressure at the timeframe. Meanwhile, the remaining ten indicators sit on the fence and do not show support for either side of the market. 

The 24-hour Terra price analysis shares this sentiment and issues a sell signal with 10 indicators suggesting a downwards price action against only sixof the indicators suggesting an upwards price movement for the asset across the mid-term charts. At the same time, 10 indicators remain neutral issuing no signals at press time. The daily analysis shows the strong bearish dominance over the Terra price across the mid-term charts. 

What to expect from the Terra price analysis?

The Terra price analysis shows that after crashing from the $84.00 mark, the price observed a freefall to the $56.00 mark where it found strong support that has enabled the price to recover. The price action has recovered above the $67.00 mark but still faces strong bearish resistance below the $70.00 mark. 

Currently, traders should expect the Terra price analysis to move below the $70.00 mark as the broader market weathers the crypto winter. The mid-term technical analyses also show support to the bears but the short-term technicals suggest that further downwards movement is unlikely. As such, traders should expect sideways movement between $65 and the $70.00 mark.