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 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.
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
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.
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
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.
Terra Price Analysis: LUNA swiftly begins to move higher, breakout above $40 to follow?
- 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.
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 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.
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.
Terra (LUNA) completes the update by joining her network with Cosmos, Solana and Polkadot
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.
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.
Among the updates is the integration between Luna and blockchains Cosmos, Solana and Polkadot.
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.
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.
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.
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Terra price analysis: Bearish collision eventuates price reduction up to $37.34
- The price is going down according to Terra price analysis.
- Price levels have been lowered till $37.34 today.
- Support is still steady at $28.01 level.
The price is moving downwards once again in the latest Terra price analysis as the bearish hold on the market is getting stronger. The price increased in the past week tremendously, yet it is experiencing a downfall once again as the bears are trying to make a comeback. The price has dropped down to $37.345 of value during the day and it is expected that it will face further decline in the coming hours as well. In short, the bears are trying to evade the way for the lead after a long gap.
LUNA/USD 1-day price chart: LUNA price headed down once again after the recent turn over
The 1-day Terra price analysis is showing signs of bearish activity as the price has decreased considerably during the day. The past week has been quite favorable for the bulls, but right now the bears are in the leading position. The price has moved down to the $37.34 level as a result of the increase in bearish momentum. The moving average (MA) value is also standing low as it is resting on the $36.6 position currently.
The volatility has decreased today which should be taken as a positive hint regarding the future trends as the price is still in the higher price envelope. Moreover, the Bollinger bands Indicator is showing a change in values as well as now the upper value is $41.36 and the lower value is $28.01. The Relative Strength Index (RSI) score has decreased to a certain degree as well as it is at 54.55 after the recent collapse.
Terra price analysis: Red candlestick appears alluding to significant drop in the price
The 4-hours Terra price analysis is indicating a decrease in price after the bearish candlesticks have returned to the price chart. The bearish momentum has resulted in the price going down to its current value which is $37.31. The moving average is still lower than the current price i.e. $36.92 as the bears have been largely in control during the day. Although the price improved substantially earlier, the most recent trend has been bearish.
The volatility has increased significantly during the last four hours, which is why the Bollinger bands average is now at $35.68. The upper and lower Bollinger bands values are as such; the upper value is standing at $38.87 while the lower value is standing at $32.49. The RSI score has gone down to 55 again after the downward trend.
The overall trend for cryptocurrency has been bullish as the price has been at its highest if compared to the previous months. This is why the technical indicators chart is giving a bullish signal as there are 16 indicators standing on the buying mark, nine on the neutral, and only one standing on the selling mark.
The Moving Averages Indicator is indicating the bullish win as well as the price has been located at its highest point during this month. There are a total number of 14 indicators that are present on the buying position, while only one indicator is on the neutral and zero on the selling positions. The Oscillators are giving out a neutral signal because of the ongoing fluctuations, with eight oscillators on the neutral, two on the buying, and one on the selling positions.
Terra price analysis conclusion
The above 1-day and 4-hours Terra price analysis shows signs of bearish activity as the price has covered downward movement today. The price is now resting at $37.34 and is expected to go down again. Although in the past week, the market had been quite supportive for the buyers, now the selling momentum is on the rise once again.