Terra Price Analysis: LUNA consolidates below $38, will the resistance break?

TL;DR Breakdown

  • Terra price analysis is bullish for today.
  • LUNA/USD continues to consolidate around $36.
  • Closest support at $34.

Terra price analysis is bullish today as a consolidation between $34 support and $36 resistance has been formed over the past days after a strong decline on Monday. Therefore, we expect LUNA/USD to reverse and break above the $36 resistance next.

Terra Price Analysis: LUNA consolidates below $38, will the resistance break? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the last 24 hours. The market leader, Bitcoin, is up by 3.11 percent, while Ethereum is up by 3.94 percent. Meanwhile, Binance Coin (BNB) is among the best performers, with a gain of more than 8 percent.

Terra price movement in the last 24 hours: Terra continues to consolidate below $36

LUNA/USD traded in a range of $34.68 – $37.45, indicating a moderate amount of volatility over the last 24 hours. Trading volume has decreased by 4.65 percent and totals $979.17 billion, while the total market cap trades around $14.73 billion, ranking the coin in 12th place overall.

LUNA/USD 4-hour chart: LUNA ready to break higher?

On the 4-hour chart, we can see the Terra price action has established a consolidation after a strong decline, indicating an upcoming reversal.

Terra Price Analysis: LUNA consolidates below $38, will the resistance break?
LUNA/USD 4-hour chart. Source: TradingView

Terra price action saw substantial volatility over the past weeks. After a quick spike to $24 on the 7th of September, a rapid reversal followed over the next days, with the $45 mark reached on Saturday.

From there, an initial retracement to $38 followed, with another lower high set shortly after. This Terra price action development was followed by a sharp move lower again on Monday, with the $34 mark acting as a support this time.

Yesterday, LUNA/USD traded sideways around the $36 mark, with continuation for the same price action today. Overall, this indicates that a new higher low is set, and we can expect a reversal over the following days.

Terra Price Analysis: Conclusion 

Terra price analysis is bullish for the next 24 hours as the market has continued to consolidate between the $34 and $36 marks. Therefore, we expect that LUNA/USD has set a new low, and further upside will be seen from there.

While waiting for Terra to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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