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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.

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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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Terra Price Analysis: LUNA swiftly begins to move higher, breakout above $40 to follow?

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  • Terra price analysis is bullish today.
  • LUNA/USD started to push higher overnight.
  • Closest resistance at $40. 

Terra price analysis is bullish today as strong upside momentum began overnight after another test of the $35 support. Therefore, we expect LUNA/USD to attempt a breakout above $40 later today.

Terra Price Analysis: LUNA swiftly begins to move higher, breakout above $40 to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall crypto market traded mostly in the green over the last 24 hours, with Bitcoin up by 2.66 percent. Ethereum gained 1.39 percent, while Terra (LUNA) is among the top performers, with a gain of 7.5 percent.

Terra price movement in the last 24 hours: Terra starts to push away from the $35 support

LUNA/USD traded in a range of $35.72 – $39.17, indicating strong volatility over the last 24 hours. Trading volume has increased by 56 percent and totals $792 million, while the total market cap trades around $15.66 billion, ranking the coin in 12th place overall.

LUNA/USD 4-hour chart: LUNA set to breach $40?

On the 4-hour chart, we can see the Terra price action moving higher, likely resulting in another test of the $40 resistance later today.

Terra Price Analysis: LUNA begins to move higher, breakout above $40 to follow?
LUNA/USD 4-hour chart. Source: TradingView

Terra price action has seen strong bullish momentum at the beginning of October. After an initial rally at the end of September to the $40 mark, a retracement and consolidation followed until the 1st of October.

Over the following days, LUNA/USD set several local higher highs until it eventually peaked at around $49. After another rally higher, a failure was seen below $49 on the 8th of October, creating a double top pattern.

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The Terra price action saw a steady decline from there until the $35 mark provided support. After consolidating above the support for the past week, bullish momentum started to pick up again overnight. The reemergence of buying pressure likely will lead LUNA/USD towards a test of the $40 mark later today.

Terra Price Analysis: Conclusion 

Terra price analysis is bullish as clear support was found above $35 over the past week, leading LUNA to a move higher over the last 24 hours. Therefore, we expect LUNA/USD to continue gaining ground and likely test the $40 mark later today.

While waiting for Fantom to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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Terra, Solana Price Analysis: October 4, 2021

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  • Terra beats its record high traded in September to achieve a new ATH at $46.5.
  • Solana bulls fight to reclaim $170, a move that will close the gap to $180 and bring SOL closer to $200.

Altcoins started October in style, gaining ground from the lows recorded in September. For nearly two weeks, crypto assets, including Bitcoin, had suffered a massive setback, with most settling at crucial junctures. Nevertheless, some tokens like Terra and Avalanche did not seem bothered by the bearish pressure in the market, culminating in incredible gains toward their all-time highs.

As reported earlier, Bitcoin’s upswing above $48,000 lifted the rest of the cryptocurrency market in a fantastic show of price correlation. BTC currently trades slightly above $47,000 following a rejection due to the resistance marginally past $48,000.

Terra:-

Terra broke above its record high of $44.5 for the first time since September 11. The token went ahead to trade a new high at $46.5. However, the spike to this level was short-lived, with LUNA forced to retreat to $41.4.

At the time of writing, Terra is teetering at $44 after bulls retook control. The general trend is upward, especially with eyes glued on tearing through the new all-time high. Investors are looking forward to a run-up above $50,000 in the near term.

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If the bullish outlook from the Moving Average Convergence Divergence (MACD) remains intact, Terra’s journey to a higher ATH will have great potential. Besides. The Relative Strength Index (RSI) confirms that bulls have the upper hand, especially its continuous movement toward the overbought area.

LUNA/USD 12-Hour Chart

Live Chart

LUNA/USD price chart
LUNA/USD price chart by Tradingview

Solana:-

Solana recovered and surpassed our prediction of $170 on Sunday. The upswing started in tandem with BTC’s recovery to $48,000. Solana overcame most of the hurdles along its way, including $150, $160, and $170.

The smart contracts token traded October highs of $178 before retreating to confirm support toward $160. Currently, SOL trades at $169 while bulls battle to reclaim $170.

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Bulls have to be alert because the RSI points downward, insinuating that overhead pressure could be rising. More substantial support is expected at the 61.8% Fibonacci retracement level, around $160.

SOL/USD 12-Hour Chart

Live Chart

SOL/USD price chart
SOL/USD price chart by Tradingview

On the upside, the MACD’s bullish picture cannot be ignored. Therefore, the setback from $178 should not scare buyers from the market. Besides, holding above $170 will bring Solana closer to $180, while $200 comes in sight.

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Terra (LUNA) completes the update by joining her network with Cosmos, Solana and Polkadot

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The Terra ecosystem (LUNA) has announced that it has successfully completed its update called Columbus 5. It brings a number of developments and features to the cryptoactive blockchain protocol.

The most significant update to Terra (LUNA) was implemented on September 30 and brings three significant changes to the protocol. These include the integration of the IBC protocol and a new token burning policy.

These changes are expected to positively influence the growth of the ecosystem that is one of those that has attracted the most attention of the cryptocurrency community recently.

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The most anticipated addition is the ‘Firing Policy’. After all, it can directly impact the cryptoactive value and investors eagerly awaited its implementation.

Investors expect this new policy to have a similar impact on LUNA as it did on Ethereum. This is because, by removing tokens from the circulating supply and burning them, shortages are created in the exchanges.

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Among the updates is the integration between Luna and blockchains Cosmos, Solana and Polkadot.

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In addition, Stargate will allow integration with the Inter Blockchain communication protocol. the goal is to enable more use cases across chains.

Currently, Terra has eight active protocols. But the expectation is that this number will multiply in the future with Stargate.

Along these lines, it is expected that the protocol’s native stablecoin, UST, will become the preferred stablecoin for decentralized applications.

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Ryan Watkins, analyst at Messari believes UST’s growth will accelerate beyond the $2.5 billion in circulation.

In addition, the introduction of Wormhole and Ozone solutions provides insurance for projects built by Terraform Labs and Terra interoperable projects for Solana.

As UST migrates between the two networks, analysts expect greater integration between projects on both blockchains.

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According to Jay Jaboneta, managing director of DLSL Nexus, more than 50 protocols are expected to go into operation on Terra in the coming months.

It is worth noting that LUNA had one of the highest valuations in the cryptocurrency market in the last two weeks. This occurred in anticipation of the launch of Columbus 5. At the time, analysts compared its performance with Solana’s.

Also read: Bankrupt: US government may run out of money on October 18

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Read also: Bitcoin drops 9% in September and hits long negative streak

Also read: Binance hires US agent who helped solve Silk Road case

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