- Terra price analysis is bullish for today.
- LUNA/USD found support at $34 again.
- LUNA is set to move higher today.
Terra price analysis is bullish for today as a consolidation above the $34 support was seen overnight. Therefore, we expect LUNA/USD to move higher over the next 24 hours and regain some more of the loss seen earlier this week.
The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, are both slightly in the green, with a gain of 1.32 and 0.2 percent. Meanwhile, Solana (SOL) continues to dominate the market with a gain of almost 14 percent.
Terra price movement in the last 24 hours: Terra retraces to $34, forms consolidation overnight
LUNA/USD traded in a range of $34.11 – $36.30, indicating mild volatility for the market over the last 24 hours. Trading volume has decreased by 35.27 percent and totals $807.78 billion, while the total market cap trades around $14.19 billion, ranking the coin in 13th place overall.
LUNA/USD 4-hour chart: LUNA starts to move higher
On the 4-hour chart, we can see bullish momentum slowly returning, indicating further upside to come later this weekend.
Terra price action has traded in a relatively small range this week. After a strong rally from 7th to 11th of September, a strong higher high was set around $45.
However, bulls could not push the market any higher from there. After a quick drop to $38, further upside could not be breached on the 12th of September, with a lower high set.
From there, the Terra price action declined further, this time finding support at $34. Most of the week was spent consolidating above this support as bulls looked to reverse the market again.
Terra Price Analysis: Conclusion
Terra price analysis is bullish as the previous significant support was retested overnight, and bulls gain momentum again. Therefore, we expect LUNA/USD to move higher over the next 24 hours and look to breach the $38 resistance next.
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