Terra Price Analysis: LUNA sets a new all-time high at $97.5, swift retracement to continue today? https://ift.tt/3H53vOC

TL;DR Breakdown

• Terra price analysis is bearish today.
• LUNA/USD peaked at $97.5 yesterday.
• Closest support at $78 previous high.

Terra price analysis is bearish today as we expect further retracement to follow after a drop of 13 percent was seen since yesterday from the newly set all-time high. Likely LUNA/USD will move to retest the previous major resistance at $78 as support next.

The market overall has seen mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 1.24 and 2.3 percent. Meanwhile, Terra (LUNA) is the worst performer, with a loss of almost 12 percent as of now.

Terra price movement in the last 24 hours: Terra retraces from the new all-time high

LUNA/USD traded in a range of $84.49 – $90.91, indicating strong volatility in the market. Trading volume has increased by 33.44 percent, totaling $4.66 billion. Meanwhile, the total market cap trades around $31.34 billion, ranking the coin in 9th place overall.

LUNA/USD 4-hour chart: LUNA targets $78 previous resistance next?

On the 4-hour chart, we can see the Terra price action still rapidly declining from the new all-time high, likely leading to a retest of $78 previous all-time high. 

Terra price action has seen a strong advance over the past week. After retracing around 30 percent earlier in December, a new swing low was set at $53 on the 13th of December.

Since then, LUNA/USD has advanced with strong momentum for several days in a row. The previous all-time high at $78 was broken without much resistance, which led to the $97.5 mark that was reached yesterday.

Bulls finally gave up later in the day, leading to a quick retracement below $90. Overnight, further downside was reached, with the current low being at $85. 

Considering how much the Terra price action gained previously, we expect more retracement to follow by the end of the week. Likely the previous resistance at $78 will be retested as the support by the end of the week.

Terra Price Analysis: Conclusion 

Terra price analysis is bearish today as we expect further retracement after a strong new all-time high was set at $97.5 yesterday. Likely, the closest resistance turned support at $78 will be tested next.

While waiting for Terra to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.