Terra price analysis is bullish today.
LUNA/USD set higher low at $49.
Resistance to break at $53.
Terra price analysis is bullish today as another higher low was set at $49, after a steady decline yesterday. Therefore, LUNA/USD is likely ready to attempt a breakout above previous highs over the next 24 hours.
Cryptocurrency heat map. Source: Coin360
The overall market saw mostly bullish momentum over the last 24 hours. The market leader, Bitcoin, gained 6.31 percent, while Ethereum gained 3.06 percent. Meanwhile, Avalanche (AVAX) was the top performer, with a gain of almost 13 percent.
Terra price movement in the last 24 hours: Terra sets higher low at $49, prepares to push higher?
LUNA/USD traded in a range of $49.73 – $52.15, indicating substantial volatility over the last 24 hours. Trading volume has declined by 8.23 percent and totals $646.9 million, while the total market cap trades around $20.48 billion, ranking the coin in 13th place overall.
LUNA/USD 4-hour chart: LUNA set to break higher?
On the 4-hour chart, we can see bullish momentum returning for the Terra price action this morning, likely leading higher over the next 24 hours.
LUNA/USD 4-hour chart. Source: TradingView
Terra price action has seen bullish momentum return so far in November. After a consolidation at the end of October, a swing low was set at $38 on the 27th of October.
From there, LUNA/USD set a lower low and a higher high, indicating consolidation. However, a break higher followed during the first days of last week, leading Terra to set a strong higher high at $53.
Since then, the Terra price action has retraced to $47.5, setting another higher low, while the following reaction set a lower high, indicating another consolidation formed. Yesterday, LUNA/USD retraced again, finding support at $49 and setting another higher low.
Therefore, we expect Terra to move higher over the next 24 hours. Bullish momentum slowly returns, potentially leading to a break above the $53 current high.
Terra Price Analysis: Conclusion
Terra price analysis is bullish as a clear higher low was set overnight, leading to a recovery in the morning. Likely, LUNA/USD will continue higher, with the next target to break at $53.