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Terra Price Analysis: LUNA spikes to $43, looks to retest $38 support next?

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Terra price analysis indicates bearish price action momentum to follow later today as the market peaked around $43 earlier today and currently declined back to $38 support. Therefore, we expect LUNA/USD to decline further and retest the $38 support later today.

Terra Price Analysis: LUNA spikes to $43, looks to retest $38 support next? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, is up by 0.76 percent, while Ethereum gained 3.13 percent. Solana (SOL) is still the worst performer, with a loss of more than 7.5 percent.

Terra price movement in the last 24 hours: Terra spikes to $43, bears take over again

LUNA/USD traded in a range of $37.66 – $43.47, indicating strong volatility over the last 24 hours. Trading volume has decreased by 47.81 percent and totals $1.92 billion, while the total market cap trades around $16 billion, ranking the coin in 11th place overall.

LUNA/USD 4-hour chart: LUNA set to retest the $38 support?

On the 4-hour chart, we can see the Terra price declining again as bulls are not ready to break higher.

Terra Price Analysis: LUNA spikes to $43, looks to retest $38 support next?
LUNA/USD 4-hour chart. Source: TradingView

Terra price has seen substantial volatility this week. A new lower low was set after a strong decline from $35 to $23 on the 7th of September. However, the market did recover rather quickly over the following days,

On the 10th of September, LUNA returned above the $31 support, with a further 40 percent upside over the following hours. The Terra price action eventually peaked below $45, resulting in a retracement to $38 yesterday.

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From there, another attempt to move higher was seen earlier today. LUNA/USD peaked at $43 this time, with another retracement over the last hours. Overall, this should lead Terra lower today, with the $38 support likely retested again.

Terra Price Analysis: Conclusion 

Terra price analysis is bearish for today as another attempt to move higher ended with the $43 mark reached. Since then, LUNA/USD has moved lower, as the $38 support will likely be retested again.

While waiting for Terra to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace

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Terra (LUNA) Pushes Dogecoin (DOGE) Out of Top 10

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Dogecoin has left CoinMarketCap’s top 10, with the native token of the Terra blockchain taking its place

Terra (LUNA) has kicked Dogecoin (DOGE) out of the top 10 on CoinMarketCap, the leading cryptocurrency ranking site.

CMC
Image by coinmarketcap.com

This comes just a day after it had trumped Shiba Inu, another meme coin sensation.  

The staking and governance token of the Terra protocol has been a massive outperformer over the past week, soaring by more than 60%.

This Friday, it is up by yet another 5% despite virtually all major coins being in the red. The LUNA token has set a record high of $69.56.

Bitcoin is down 1% today, continuing its streak of lethargic price action.

The largest cryptocurrency is trading in tandem with the U.S. stock market, which is currently under pressure after a November jobs report suggested that the Federal Reserve would be emboldened to act more aggressively on tapering.

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After its show-stopping rally in early 2021, Dogecoin managed to break into CMC’s top 5 in mid-August, surpassing the Tether stablecoin. In early May, it peaked at number 4, with its market cap surpassing a staggering $90 billion dollars.

However, the cryptocurrency infamously crashed during Elon Musk’s hosting debut on “Saturday Night Live.” It is now down 72.53% from the lifetime peak of $0.731578.

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Terra(LUNA) Price Buckling Up Hard, May Enter Top 10 Cryptos Soon!

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The bulls have yet again entered the space to discover new highs for the Terra (LUNA) price. Despite the lowered trading volume, yet the asset managed to range high and form a new ATH, a couple of hours before. And the main reason may be the diminished selling pressure which escalated the price very close to $70. However, the upcoming trend carries both the possibilities of discovering new highs or undergoing minor pullback. 

The LUNA price was swinging within certain levels since the beginning of the Q4 in October. However, the asset acquired immense bullish potential that initiated a trend along the ascending parallel channel. The crypto which was swinging along the lower channel raised high. Further, it raised high in an attempt to slice through the upper channels. Woefully, it failed, yet hovering close to the upper zones of the channel. 

The chart showcases the mounted buying pressure which uplifted the price towards its highs. No doubt the asset is experiencing a slight drain at the press time, yet may rebound in no time. Further, following the ascending channel, the LUNA price may find new highs above $75 close to $80. Yet the technicals point out contradictory price movements. 

Considering the technicals, both RSI & MACD are manifesting a strong bullish trend since the last week of November. The RSI since the beginning of December dropped below the upper levels at 70, indicating the rally may have weakened a little. On the other hand, the MACD showcased a constant bullish trend for more than a week and is on the verge to unveil a sell signal soon. 

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Therefore, despite the price trend being pretty bullish, yet the technicals suggest a minor plunge may also be fast approaching. And hence in such a case, the asset needs to strongly hold above local support levels above $60. No doubt these levels are not much strong but are mandatory to continue with the uptrend. 

Collectively, Terra’s (LUNA) price despite the lower volume and a minute sideway trend appears to be pretty bullish. Therefore despite the indicators pointing towards a correction, yet the rally may resume with the uptrend soon. The next leg up may uplift the price close to $80 levels by EOY 2021.

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Terra (LUNA) rises 65% in 7 days, reaches historic high and passes Shiba Inu (SHIB); see predictions

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In the last 24 hours, the LUNA cryptocurrency, from the Terra blockchain platform, was the one that appreciated the most among the 100 largest cryptoactive assets in market value, jumping 13%.

After hitting a high of more than 65% in the last week, the digital currency reached its historical record price of US$ 65.41 this Thursday (2).

With the rise, LUNA’s market value jumped to $24.8 billion. This value raised the token to 12th position in the CoinMarketCap (CMC) cryptocurrency ranking.

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Now, the coin supported by Mike Novogratz is worth more than Shiba Inu (SHIB), who is ranked 12th on the CMC.

On Earth (LUNA)

Terra is a blockchain platform that offers a set of algorithmic stablecoins pegged to fiat currencies.

In this ecosystem, the native LUNA token is responsible for ensuring the price stability of these stablecoins. Your supply adjusts to the level of demand with the help of the protocol’s mint/burn feature.

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In addition, network validators staking Luna in order to verify transactions. In addition, the token is also used to vote on various governance decisions.

According to data provided by DeFi Llama, Terra has a 4.69% share of the smart contracts market. In all, the protocol has $12.84 billion in total blocked value (TVL).

In late September, Terra released its long-awaited Columbus-5, which ensures interoperability with other blockchains.

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Price Forecasts for Land (LUNA)

According to analyst Akash Girimath, the price of Terra looks ready for a small correction after the record.

“The recent rally has pushed LUNA up without a major pullback, making the anticipated pullback highly likely. From a broader perspective, LUNA has seen an exponential increase. For this reason, investors can now expect a correction to follow.”

According to the analyst, an increase in profit taking is likely to bring altcoin down to the immediate support level of $59.71. If this level is not maintained, LUNA could drop further to $55.21 or even $51.69.

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On the other hand, should LUNA’s price manage to produce a daily close above $65.61 it could reach the 161.8% Fibonacci extension level at $68.94, invalidating the bearish thesis.

Price Projection for LUNA

Also read: Again: Badger DAO protocol loses BRL 676 million in attack

Also read: Vitreo launches two more cryptoactive funds focusing on Smart Coins

Also read: Santos token staking pool kicks in at PancakeSwap: see how to win

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