TL;DR Breakdown
Terra price analysis is bullish today.LUNA/USD continued to retrace overnight.LUNA is trading at $37.5
The terra price analysis is favorable today, as the previous day’s drop has been halted, and a firm prior support region has been reached following a decline of the past 24 hours. As a result, we anticipate LUNA/USD to reverse and recoup some of its losses later today.
We expect LUNA/USD to bounce back from today’s lows of $36.95 and continue its reversal from the previous day’s high at $37. Our target is near-term resistance at $44. We anticipate that LUNA/USD will begin a new upswing later today due to today’s gains.
As we previously stated, the 38.5-39 cents range has been a crucial support for Luna Coin and is likely to continue as such today. This may be seen in yesterday’s rise, which saw prices reverse and climb higher after testing this previous support level.
We do not anticipate the 38.5-39 cents region to hold today again. LUNAA/USD is expected to continue its bull run later today and test the 40 cent mark before beginning a more significant downturn later in the week.
LUNA/USD 4-hour chart: LUNA set to regain overnight loss?
We may see the Terra price beginning to recover some of its losses on the 4-hour chart, suggesting that more gains are ahead today.
The RSI is now at 40, indicating that bulls have returned., the market must break through the current high of $44.45 for LUNA/USD to continue its bull run.
A break of $44.45 is crucial for Luna coin and will indicate that the market has recovered from the most recent drop in price.
For now, we expect LUNA/USD to continue its rise throughout the day and test resistance levels around 44 cents during early afternoon trading – potentially pushing prices higher by as many as 15-20% over the day.
Most notably, LUNA/USD would reach all new highs around 50 cents by the end of this week if it were to manage such gains.
However, we do not believe this is likely unless prices begin to skyrocket past $44 within hours of this analysis being published.
We strongly recommend investors wait for a breakthrough of the current$44.45 before purchasing Luna Coin.
As mentioned before, expect more volatility in the market today as bulls are back in control of the price action at the moment.
LUNA/USD 4-hour chart. Source: TradingView
The price of the LUNAR coin continued gaining ground on October 1, breaking through the previous swing high set at $41 on the second. Terra surpassed the following swing high of $45 before reaching the current price of $49 over the next few days.
According to our charts, we presently anticipate this 38.5-39 cents zone to remain unoccupied throughout the da. LUNAA/USD will continue its advance later today and test the 40 cent barrier before beginning a bigger downturn later in the week.
Terra Price Analysis: Conclusion
Initial resistance at $44.45 must be broken to continue Luna Coin’s rally LUNA/USD Reversal Likely, but not until later today or tomorrow.
A rebound from current levels should result in a test of the 38.5-39 cents region at some point in the next 24 hours, with prices potentially climbing higher.
The market is currently oversold and due for a rebound to test resistance at $44.45; however, this likelihood remains low unless there is significant volatility overnight or during early morning trading.
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