- LUNA price upped another 6 percent on the day
- Price reached as high as $74.20 to move past 50-day MA
- Terra has been identified by traders as one of the top performers after the weekend’s market crash
Terra price analysis for the day shows another positive outlook for the LUNA token, with price increasing almost 6 percent on the day’s trade. With a 24-hour high of $74.20, price sits well above the 50-day moving average at $73.09 at the time of writing. Since last Monday’s market crash, Terra has responded back strongly to be identified as one of the top performers in the market. Price currently sits above the resistance range of $72.84 and looks to be garnering more buyer interest.
The larger cryptocurrency market exhibited relatively positive outcomes for major cryptocurrenices during the day, led by Bitcoin’s consolidation past the $50,000 mark. Ethereum increased almost 4 percent to sit just below $4,500, whereas major Altcoins showed similar increments. Ripple upped more than 6 percent, similar to LUNA, to sit at $0.86. Cardano and Solana rose around 2 percent each, to reach $1.38 and $192.65, respectively. Polkadot was seen as the only dipping token, with a drop of around 2 percent.
LUNA/USD 24-hour chart: RSI showing strong market valuation
The 24-hour chart for Terra price analysis confirms a bullish prediction for the token. Price moved past its 50-day moving average at $65.38 on the day, and will be targeting another crack at the all-time high mark of $77.94 set 4 days ago. The Relative Strength Index (RSI) value of 67.40 presents a bullish valuation from the market. However, the current trend remains susceptible to major selloffs, which could propel price downward to the support floor of $62.32.
LUNA/USD 4-hour chart: Positive short-term trade posts high of $74.94
The 4-hour chart for the LUNA/USD pair shows continuation of the bullish trend in the short-term trade, with price rising as high as $74.94 during the current trading session. The RSI value suggests strong market valuation at 59.04 with price expected to move closer to the short-term resistance point at $75.09. The Moving Average Convergence Divergence (MACD) curve sits just above the neutral zone, above the 0 mark, further consolidating LUNA’s bullish indication.
Terra price analysis: Conclusion
According to major technical indicators, Terra is set for a bullish outlook over the coming days, after forming a strong response to the recent market crash. The token has been identified by traders as a strong actor in the market due to its price action, which also makes it prone to major selloffs as price moves up. The next target for LUNA is the newfound resistance at $75.09, however any movement below $67.45 would invalidate the bullish thesis.