Terra Price Analysis: LUNA swiftly retraces to $31, set to continue higher?

TL;DR Breakdown

• Terra price analysis is bullish for today.
• LUNA/USD saw a quick spike to $31 earlier today.
• LUNA is likely to reverse back to the upside later today.

Terra price analysis is bullish for today as the market set a new higher high earlier today before a quick spike lower over the past hours to retest the $31 support. Therefore, we expect LUNA/USD to rise later today and continue setting new all-time highs later this week.

The cryptocurrency market traded in the red over the last 24 hours. The market leader, Bitcoin, is down by 2.39 percent, while Ethereum is down by 3.18 percent. Meanwhile, Terra (LUNA) is among the best performers, with a gain of almost 9 percent.

Terra price movement in the last 24 hours: Terra spikes above $33.5, retraces to $31

LUNA/USD traded in a range of $27.64 – $34.51, indicating strong volatility over the last 24 hours. The trading volume stands at $1.98 billion, up by 116 percent from yesterday. Meanwhile, the total market capitalization trades around $12.8 billion, resulting in a market rank of 12th place.

LUNA/USD 4-hour chart: LUNA to hold the $31 support?

On the 4-hour chart, we can see the Terra price action rapidly approaching the $31 support over the last hours.

Terra price action has seen a substantial increase over the last month. From the last major swing low of $5.6, set on the 20th of July, LUNA/USD has rallied by more than 500 percent.

Last week, after a spike to the $33.5 mark, LUNA saw heavy rejection for further upside, resulting in a slow retracement of over 20 percent to the $26.5 mark. However, bulls recovered from there, pushing the market higher once again.

Another higher high was set earlier today at $34.666, indicating that bulls want to see the market price higher this week. However, a small rejection was seen over the past hours, with the $31 previous minor resistance retested as support.

Overall, as long as the support holds, we expect the Terra price to reach further upside later this week, with the next major price target at the $40 mark.

Terra Price Analysis: Conclusion 

Terra price analysis is bullish today as the market saw a new higher set overnight, followed by a quick retracement over the last hours to the $31 support. Therefore, as long as the $31 support holds, we expect LUNA/USD to rally higher and continue setting new all-time highs later this week.

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

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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