TL;DR Breakdown
Terra price analysis is bullish today.
LUNA/USD started to push higher overnight.
Luna is trading at $40.82.
The value of Terra has increased significantly over the past three months. The price is now up by about 40 percent, putting it within striking distance of its all-time high. As a result, we anticipate that LUNA/USD will attempt to break out above $40 later today.
Terra price movement in the last 24 hours: Terra starts to push away from the $35 support
In the last 24 hours, we have seen a substantial price increase. At the time of writing this, LUNA/USD is exchanging hands at $38.50. This represents a single-day increase of 15 percent and a daily return on investment of nearly 20 percent.
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.
The Bollinger bands are wide enough to accommodate further gains in the near term. (The price action is still within the confines of the lower band, however.)
Following this increase in volume, we expect that LUNA/USD will attempt to breach $40 later today. The market has enough momentum to make it up to this level; however, any rallies past this point may be short-lived.
Assuming that today’s rally carries on through until tomorrow, there is certainly a possibility that LUNA will set an all-time high before Q1 of 2018 comes to an end. Assuming investor sentiment remains bullish, the next significant resistance target would be at $45. From there, additional resistance at $50 is possible in the medium-term.
LUNA/USD 4-hour chart. Source: TradingView
In early October, Terra’s price action was robustly bullish. After September’s brief rally to $40, a retracement and consolidation took place until October 1st.
On the following days, LUNA/USD made several local higher highs, reaching a high of around $49 before topping out on October 8th. On October 8th, a failure was observed below $49, forming a double top pattern.
The price of Terra moved steadily lower from there, finally finding support at the $35 mark. After consolidating above the previous week’s support for a day, bullish momentum resurfaced overnight. Later today, LUNA/USD may hit the $40 barrier test as buying pressure resumes.
Terra Price Analysis: Conclusion
Terra price analysis is bullish today. LUNA/USD started to push higher overnight. Closest resistance at $40.
The value of Terra has increased significantly over the past three months. The price is now up by about 40 percent, putting it within striking distance of its all-time high. As a result, we anticipate that LUNA/USD will attempt to break out above $40 later today.
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