Terra price analysis is bullish today.LUNA/USD continued to retrace overnight.Support around $35-$36 reached.
After retracing below a solid prior support level between $38 and $40, the price of Terra has been bearish in the last 24 hours. As a result, we anticipate LUNA/USD to reverse and fall in the next 24 hours.
After breaking above the conversion line (blue), LUNA/USD pair has been bearish for the past 24 hours. As a result, we anticipate further bearish momentum in this market and look to see if it will continue to break below a solid prior support level of around $38.
Yesterday, the price of LUNA/USD fell below the 20 periods MA before retracing. This is a strong indication that bears are in control and anticipate further selling pressure as this market continues to retrace.
Currently, the conversion line is moving lower and looks to cross the baseline (red) downwards. As a result, this suggests that bullish momentum will continue in this market as it tests initial resistance around $38-$40 once again.
If the price of LUNA/USD can break above $40, we expect bulls to come into this market as it looks to retest the recent highs.
However, if the price falls below $38, we can expect further selling pressure but advise traders to wait for confirmation before entering short positions.
A break below the Ichimoku cloud offers a good entry point or signs of buying.
Otherwise, bulls would need an indication that they are in control to see price action at least above $40 during this retracement.
LUNA/USD 4-hour chart: LUNA set to regain overnight loss?
The 4-hour Terra price chart indicates that the price is depreciating, suggesting continuing losses today.
LUNA/USD 4-hour chart. Source: TradingView
Overall, the Terra price appears to be on the rise again in recent weeks. The market’s trend was murky until October, after the pair established a higher low and lower peak in September.
However, this market may be about to rebound as it tests a fundamental support level at $34. This price area is where the conversion line and baseline meet. A break below this support level would offer confirmation that selling momentum will continue in this market.
However, if the price rises today, we expect bullish momentum to push price action above the Ichimoku cloud.
We would need to see price action rise above $36 for further bullish confirmation.
Alternatively, if the price continues to decline today, we expect bearish momentum to push this market below $32. We may see bears test the $31 or $30 levels before any recovery can take place.
We anticipate that LUNA will rise above $40 in the next 24 hours. When the price rises, it’s a sign that bulls are in control, suggesting that this market may test new highs. If prices drop beneath $38, though, we expect selling pressure to build further, so traders should wait for confirmation before putting shorts on.
Terra Price Analysis: Conclusion
Today’s study of Terra’s price is slightly unfavorable, as a critical support zone has been pierced, and some bearish pressure was noted this morning. As a result, we anticipate LUN/USD to drop even further later today.
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