LUNA/USD is bullish for the next 24 hours

2 h

Reading time: ~3 m

  • Terra price analysis is bullish today.
  • LUNA/USD saw another drop lower over the last 24 hours.
  • Terra is ready to regain some of the loss.

Today’s terra price analysis is bullish, as we anticipate a rebound following yesterday’s spike to $41, which resulted in a quick return above $45. As a result, LUNA/USD is poised to recover, most likely culminating in additional gains later today

After yesterday’s sharp increase to $41, there was some indecisiveness within the charts until prices managed to push above $45 again. This led to an initial gain of 4%. As is often seen during these types of moves higher, LUNA/USD saw an immediate bearish reaction on Thursday, pushing prices down to $41.

The $41 level has proven to be strong resistance for this market recently, with LUNA/USD unable to break higher than that. After testing the $41 handle again, we saw some consolidation back near the $40 price point before breaking lower today. All-in-all, this equated to a drop of around 3.4%.

Terris is still trading above our previously identified resistance zone following yesterday’s spike. This zone spans from $43 to $44, likely providing some significant resistance as we advance. However, should the bulls manage to push above $,45 we can expect immediate resistance at $46 and $48, with additional resistance provided by the 100-day moving average (marked in orange) around $51.

One thing that will be important to monitor over the short term price action behavior around this resistance zone. If it can continue holding for an extended period of time, we believe significant resistance will be provided to stop bulls within their tracks. Should prices continue higher without too much trouble, our outlook could remain bullish over the coming days/weeks.

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

On the 4-hour chart, we can see rejection for further downside for the Terra price action after the $41 mark was reached earlier today.

LUNA/USD 4-hour chart. Source: TradingView

After several weeks of strong momentum, Terra prices rose to a high of $55 before retreating. The price dropped below the low formed on the first attempt to climb higher after another double top.

On the 14th, support was discovered at $45, with a stronger reaction following through to a lower high of $53 on November 13. From there, LUNA began to plunge once more, breaking through previous higher highs yesterday.

The $42.50 swing low is still in play, with key support levels near the year’s end. Since the previous high was broken, over 20% of that volume has vanished, and the $41 mark was briefly hit today. As bulls rallied back to $45, we will most likely not see any further lows established as they prepare to retake control once more.

Terra Price Analysis: Conclusion 

Today, the price of Terra is rising as demand for the digital currency returns following yesterday’s failure to break above the $42 mark. As a result, we anticipate LUNA/USD to recover over the next 24 hours.

Source link

You May Also Like