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Terra Price Analysis: LUNA starts to move higher after a retest of the $34 support


TL;DR Breakdown

  • 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.

Terra Price Analysis: LUNA starts to move higher after a retest of the $34 support 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: LUNA starts to move higher after a retest of the $34 support
LUNA/USD 4-hour chart. Source: TradingView

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.

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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