Terra price analysis: LUNA/USD is bullish for the next 24 hours

TL;DR Breakdown

• Terra price analysis is bullish for today.
• LUNA/USD continues to consolidate around $36.
• Closest support at $34.

Terra price analysis: General price overview

Terra price analysis is bearish today as a consolidation between $34.5 support and $36.8 resistance has been formed over the past days after a strong decline on Monday. Therefore, we expect LUNA/USD to reverse and break above the $36.8 resistance next.

The daily price analysis chart shows that the coin has been trading moderately within a tight range, meaning the coin is trading in a less volatile market.

On the five-day Terra price analysis chart, 50-day MA seems to have crossed above 100-day MA. This is an indication of a potential bull market. 

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the last 24 hours. The market leader, Bitcoin, is up by 3.11 percent, while Ethereum is up by 3.94 percent. Meanwhile, Binance Coin (BNB) is among the best performers, with a gain of more than 8 percent.

Terra price movement in the last 24 hours: Terra continues to consolidate below $36

LUNA/USD traded in a range of $34.58 – $36.85, indicating a moderate amount of volatility over the last 24 hours. Trading volume has dropped by 22 percent and totals $8.9 billion, while the total market cap trades around $13.3 billion, ranking the coin in 13th place overall.

The LUNA/USD pair has been trading moderately on the daily price analysis chart. The red and green candlesticks seem to be of the same number hence the moderate market trend.

LUNA/USD 4-hour chart: LUNA ready to break higher?

On the 4-hour chart, we can see the Terra price action has established a consolidation after a strong decline, indicating an upcoming reversal.

Terra Price Analysis: LUNA consolidates below $38, will the resistance break?

LUNA/USD 4-hour chart. Source: TradingView

The Bollinger Bands are wide indicating price volatility has increased in recent hours, with LUNA/USD moving between the $34 and the $36 marks. However, the bands are contracting on the hourly chart as a sign of reducing volatility. Terra price seems to be advancing to the upper band, implying a bullish trend might set in soon.

On Wednesday, the digital currency increased to a high of $36 before gradually trading between $34 and $36. We’re already seeing continuation for today’s activity, with LUNA/USD stalling at about $36. This indicates that a new higher low has been established, and we can expect a reversal in the coming days.

Terra Price Analysis: Conclusion 

Terra price analysis is bullish for the next 24 hours as the market has continued to consolidate between the $34 and $36 marks. Therefore, we expect the bulls to create solid support that will aid a price surge.

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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