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Terra Price Analysis: LUNA starts to move higher after a retest of the $34 support

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Terra price analysis is bullish for today as a consolidation above the $34 support was seen overnight. Therefore, we expect LUNA/USD to move higher over the next 24 hours and regain some more of the loss seen earlier this week.

Terra Price Analysis: LUNA starts to move higher after a retest of the $34 support 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, are both slightly in the green, with a gain of 1.32 and 0.2 percent. Meanwhile, Solana (SOL) continues to dominate the market with a gain of almost 14 percent.

Terra price movement in the last 24 hours: Terra retraces to $34, forms consolidation overnight

LUNA/USD traded in a range of $34.11 – $36.30, indicating mild volatility for the market over the last 24 hours. Trading volume has decreased by 35.27 percent and totals $807.78 billion, while the total market cap trades around $14.19 billion, ranking the coin in 13th place overall.

LUNA/USD 4-hour chart: LUNA starts to move higher

On the 4-hour chart, we can see bullish momentum slowly returning, indicating further upside to come later this weekend.

Terra Price Analysis: LUNA starts to move higher after a retest of the $34 support
LUNA/USD 4-hour chart. Source: TradingView

Terra price action has traded in a relatively small range this week. After a strong rally from 7th to 11th of September, a strong higher high was set around $45.

However, bulls could not push the market any higher from there. After a quick drop to $38, further upside could not be breached on the 12th of September, with a lower high set.

From there, the Terra price action declined further, this time finding support at $34. Most of the week was spent consolidating above this support as bulls looked to reverse the market again.

Terra Price Analysis: Conclusion 

Terra price analysis is bullish as the previous significant support was retested overnight, and bulls gain momentum again. Therefore, we expect LUNA/USD to move higher over the next 24 hours and look to breach the $38 resistance next.

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

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