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Terra (LUNA)

Terra Price Analysis: LUNA spikes to $34, setting a higher low

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  • Terra’s 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.

For today, the Terra price analysis is bullish, as the overnight sell-off has resulted in a strong rejection from $24 support. As a result, we anticipate LUNA/USD to continue higher later today and recover more of the loss it incurred this week.

Terra Price Analysis: LUNA spikes to $34, setting a higher low 1

Cryptocurrency heat map. Source: Coin360

Over the last 24 hours, the cryptocurrency market has been in good shape. Bitcoin is up 3.5%, while Ethereum is up 6.73%. Dogecoin, on the other hand, has had a spectacular day, increasing by 11% and outperforming all other cryptocurrencies.

Terra price movement in the last 24 hours: Terra spikes to $34
The LUN/USD pair was trading in a range of $32 – $34.56 throughout the previous 24 hours, suggesting moderate price swings over the last day. Trading volume has dropped by 23.83 percent and is now at $1.405 billion, while the overall market cap is about $11 billion and places it in 14

LUNA/USD 4-hour chart: LUNA ready to reverse?
The Terra price is correcting lower on the hourly chart, which might signal further gains later today.

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Terra Price Analysis: LUNA spikes to $34, setting a higher low 2LUNA/USD 4-hour chart. Source: TradingView

The price of Terra has been trading in a powerful bearish trend over the past seven days. After reaching the $45 mark early this month, a fresh major swing high was established.

Bulls, on the other hand, became weary and a retracement began. The $34 previous resistance gave some assistance at first, and after some consolidation, it broke on September 19th.

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The Terra price has traded between $26.50 and $30 for the best portion of the week, before testing $34 early today. On Sunday, after another decline over the previous few days, the $26.5 level prevented more downside movement. The Terra price action retested its prior swing low during the

Terra Price Analysis: Conclusion
For today, terra price analysis is bullish as an additional downside was rejected this morning after a brief spike to $34. As a result, we anticipate that LUNA/USD will continue to rise over the next 24 hours.

Over the last 24 hours, the cryptocurrency market has been in good shape. Bitcoin is up 3.5%, while Ethereum is up 6.73%. Dogecoin, on the other hand, has had a spectacular day, increasing by 11% and outperforming all other cryptocurrencies.

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Terra price movement in the last 24 hours: Terra spikes to $34

The LUN/USD pair was trading in a range of $32 – $34.56 throughout the previous 24 hours, suggesting moderate price swings over the last day. Trading volume has dropped by 23.83 percent and is now at $1.405 billion, while the overall market cap is about $11 billion and places it in 14

LUNA/USD 4-hour chart: LUNA ready to reverse?

The Terra price is correcting lower on the hourly chart, which might signal further gains later today.

Terra Price Analysis: LUNA spikes to $34, setting a higher low 2LUNA/USD 4-hour chart. Source: TradingView

The price of Terra has been trading in a powerful bearish trend over the past seven days. After reaching the $45 mark early this month, a fresh major swing high was established.

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Bulls, on the other hand, became weary and a retracement began. The $34 previous resistance gave some assistance at first, and after some consolidation, it broke on September 19th.

The Terra price has traded between $26.50 and $30 for the best portion of the week, before testing $34 early today. On Sunday, after another decline over the previous few days, the $26.5 level prevented more downside movement. The Terra price action retested its prior swing low during the

Terra Price Analysis: Conclusion 

For today, terra price analysis is bullish as an additional downside was rejected this morning after a brief spike to $34. As a result, we anticipate that LUNA/USD will continue to rise over the next 24 hours.

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Terra

Is it about time Terra breaks its price downtrend and reignites rally

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After Bitcoin’s Black Friday crash, the entire market seemed to turn red barring some altcoins like Crypto.com coin and surprisingly, Terra (LUNA). In fact, LUNA was one of the only alts in the top 20 to see over 5% daily and 8% weekly gains. 

Layer-1 protocols like Avalanche (AVAX) and Terra (LUNA) have been able to record high year-to-date returns. LUNA’s yearly ROI v. USD, at the time of writing, stood at a staggering +11749.61%. However, the 14th ranked altcoin has closely followed BTC’s price movement since 16 November, post which, it registered close to 25% losses. 

LUNA making a return?

LUNA’s price made lower lows after its price fall on 16 November, even though AVAX’s trajectory gained momentum soon after. It seemed like LUNA was more affected by the larger market fall and followed Bitcoin’s price. In fact, its RSI too has been on a downtrend since 9 November. 

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Source: TradingView

Since 26 November, however, LUNA started seeing minor gains as its RSI broke out of the downtrend it was in all through November. At the time of writing, the alt’s price had broken above the crucial $45.56-mark which has been an important resistance for LUNA. 

Keeping aside the recent price falls, LUNA’s macro-uptrend still remains intact. In fact, post-Terra’s Columbus-5 upgrade, LUNA’s price has maintained a decent trajectory, performing independently from the market. 

TerraUSD, Terra’s native stablecoin backed by LUNA, has also seen growth in its market cap over the last month. Its market cap rose from under $3 billion on 10 November to $7.17 billion, at the time of writing. 

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Source: Messari

Here’s what’s missing

After hitting the $10 billion mark, Terra’s TVL began to decline over the last week, falling to $9.39 billion, down 6% from last week. This fall in its TVL could be indicative of the waning institutional interest as the alt’s price closely followed BTC’s price.

Source: Coin98Analytics

Furthermore, missing retail FOMO in Terra’s rally seemed to be a worrying trend. Notably, trade volumes have been pretty low and a macro downtrend in trade volumes since October could be seen. 

Nonetheless, the alt’s price seemed to finally break away from the downtrend as its funding rate saw an uptick. In fact, its Open Interest on the Perpetuals market saw an almost 4% increase.

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A lack of both institutional and retail interest in the alt could be one reason behind its price falls, apart from the positive BTC correlation which the alt seemed to break at the time of writing. With the price trend for LUNA picking up pace, a move from the retail side can push the crypto to new ATHs.

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Terra (LUNA)

Terra price analysis: LUNA rises back to $42 recovering from the flash crash to $38

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  • Terra price analysis suggests upwards breakout from $44
  • The closest support level lies at $41.24
  • LUNA faces resistance at the $44.00 mark.

The Terra price analysis shows that LUNA has observed sharp volatility over the last 24 hours as the rejection at $44 caused it to crash to the $38.00 support level. However, the buyers bounced back from the level recovering to the $42.00 mark as LUNA appears to be making another attempt at the $44.00 resistance. 

The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record positive price movements. Major players include ETH and BTC recording a 10.01 and an 8.28 percent decline respectively.

Terra price analysis: Bulls dominate as the price approaches $44 

Terra price analysis: LUNA rises back to $42 recovering from the flash crash to $38 1
Technical indicators for LUNA/USDT by Tradingview

Across the technical indicators, the MACD is currently bullish as expressed in the green color of the histogram. However, the indicator shows low momentum as the histogram is small at press time. Furthermore, the indicator has observed four crossovers across the last four days suggesting a lack of a clear direction for the Terra price analysis. 

The EMAs are currently trading close to the mean position as Terra records little net movement across November. At press time, the 26-EMA is moving horizontally reflecting the oscillating price action over the past 2 days. On the other hand, the 12-EMA has reacted to the recent price movements reflecting the sudden crash and recovery and currently moves with an upwards slope. 

The RSI is currently neutral and trades close to the mean at 52.98 index marks suggesting a slight bullish bias to the price action. At press time, the indicator is moving upwards suggesting an increasing buying activity in the markets. The indicator has remained neutral for a long time suggesting that LUNA has observed little volatility across the mid-term charts. 

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The Bollinger Bands are currently wide but show and continue to remain wide suggesting a period of high volatility for the Terra price action across the 4-hour price charts. Previously, the bands’ mean line presented a resistance level to the buyers at $41.00 but as LUNA climbed above the mark, the level now provides a support level to the bulls for further upward movements. 

Technical analysis for LUNA/USDT

Overall, the 4-hour Terra price analysis issues a sell signal with nine of the 26 major technical indicators showing support to the bears. On the other hand, eight of the indicators support the bulls suggesting that there is significant buying activity occurring in the markets. Meanwhile, the remaining nine indicators sit on the fence and issue no signals at the time of writing. 

The 24-hour Terra price analysis shares this sentiment and issues a sell signal with 10 indicators suggesting an upwards price movement against six indicators suggesting a downwards price movement. The analysis reaffirms the bearish dominance in the markets, the mid-term charts but suggests that the trend might be changing across the short-term as more technicals turn bullish. 

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What to expect from the Terra price analysis?

Terra price analysis: LUNA rises back to $42 recovering from the flash crash to $38 2
4-hour price chart by Tradingview

The Terra price analysis shows that LUNA is currently stuck on a fragile balance of momentum towards either side as the price action observes sharp movement between $44 and the $38.00 mark over the last three days with no breakout in either direction. However, the high volatility shows that the buyers are active and not speculating suggesting that a rally may be initiated at any time. 

Currently, traders should expect the Terra price analysis to move upwards to challenge the $44.00 mark as the buyers continue to gather momentum. This suggestion is supported by the short-term technical indicators and while the mid-term technical analyses show support to the bears, the technicals are slowly starting to lean towards the bulls increasing the possibility of an upwards breakout to the $45.00 mark.

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Terra (LUNA)

Terra price analysis: LUNA set to launch up to $48 after price reaches 20-day EMA

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  • Terra price reached as high as $45.44 after consolidating on yesterday’s uptrend
  • Price could be set to reach as high as $48 in the current run
  • Trading volume also rose up 2 percent on the day

Terra price analysis for the day shows positive signs for the token, as it looks set to revisit heights set earlier in the month. Price rose more than 3.5 percent on the day, recording a high of $45.44 to reverse the downtrend that had been in play since November 14. Price dipped as low as $38.91 just 2 days ago, before trending up past the crucial 20-day exponential moving average (EMA) at $45.09, today. In the current trend, LUNA is tipped to go past the current resistance point at $48.12 along with a recovering larger cryptocurrency market.

Bitcoin rose more than 3 percent to sit just shy of the crucial $60,000 mark, whereas Ethereum also rose 3 percent up to $4,390. Major Altcoins also showed positive signs, led by Litecoin‘s 6 percent increment. Ripple and Dogecoin upped 1 percent each, whereas Polkadot and Solana rose 2 and 4 percent, respectively on the day’s trade.

LUNA/USD 24-hour chart: Heads and Shoulders pattern appears

On the 24-hour chart for Terra price analysis, formation of a classic Heads and Shoulders pattern can be seen, suggesting of an ongoing battle between buyers and sellers to manoeuvre price. After touching past the crucial EMAs at $45.23, price went down as low as $42.69. This can also be verified with the Moving Average Convergence Divergence (MACD) curve that currently sits well below its neutral zone. However, it carries the potential to increase from the 0.00 mark, as is suggested by the Relative Strength Index (RSI) value of 46.26 which indicates that Terra price is in need of buyer impetus at current trend.

Terra price analysis: LUNA set to launch up to $48 after price reaches 20-day EMA 2
Terra price analysis: 24-hour chart. Source: Trading View

LUNA/USD 4-hour chart: RSI looks to be pushing up with crucial trading sessions ahead

The 4-hour price action further compliments the 24-hour chart with a fully poised scenario between buyers and sellers for LUNA. Price looks to be pushing up past the 20-day EMA, with RSI value sitting just shy of 50 to indicate slight levels of valuation in the market for the token. A positive note can also be drawn from the Bollinger Bands’ trend, where price sits in-between the top and middle curves to show a potential upturn.

Terra price analysis: LUNA set to launch up to $48 after price reaches 20-day EMA 3
Terra price analysis: 4-hour chart. Source: Trading View

Terra price analysis: Conclusion

Technical indicators confirm that LUNA currently sits within a crucial buyer-seller battle. If price can sustain the current spell and move along the cryptocurrency market then Terra price may see the highs set earlier in the month, with the $48 resistance point the first target. However, if price ships from the current stage to go below the EMA, then LUNA may be set for a distinct period downwards with the $38.91 support floor an eventual destination.

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