- Terra price analysis is bullish for today.
- LUNA/USD saw another spike lower overnight.
- After a quick test of $24, LUNA started to recover this morning.
Terra price analysis is bullish for today as the overnight spike lower has resulted in a strong rejection from the $24 support. Therefore, we expect LUNA/USD to keep moving higher later today and recover more of the loss seen this week.
The cryptocurrency market traded in the red over the last 24 hours. The market leader, Bitcoin, is down by 2.5 percent, while Ethereum is down by 4.73 percent. Meanwhile, Solana (SOL) is the worst performer, with a loss of almost 8 percent.
Terra price movement in the last 24 hours: Terra spikes to $24
LUNA/USD traded in a range of $24.02 – $29.36, indicating significant volatility over the previous 24 hours. Trading volume has decreased by 23.83 percent and totals $1.405 billion, while the total market cap trades around $11 billion, ranking the coin in 14th place overall.
LUNA/USD 4-hour chart: LUNA ready to reverse?
On the 4-hour chart, we can see the Terra price action starting to recover, indicating further upside will follow later today.
Terra price action has traded in a strong bearish momentum over the past week. A new major swing higher high was set after a rapid advance to the $45 mark earlier this month.
However, bulls became exhausted, and a retracement began. At first, the $34 previous resistance provided some support, and, after some consolidation, it broke on the 19th of September.
A further drop over the past couple of days followed, with the $26.5 mark preventing more downside yesterday. Overnight, another quick spike lower made the Terra price action retest the $24 previous swing low. Therefore, we expect a new major swing low to be set, and a reversal will follow from there.
Terra Price Analysis: Conclusion
Terra price analysis is bullish for today as a further downside was rejected this morning after a quick spike to the $24 mark. Therefore, we expect LUNA/USD to see further upside over the next 24 hours.
While waiting for Terra to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.