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20 October 2021
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Terra Price Analysis: LUNA still tests $26.5 support, ready to move higher today?

Terra price analysis is bullish today as a consolidation above $26.5 support has been formed over the last 24 hours. Therefore, as long as LUNA/USD does not break below the support, we can expect a reversal to the upside next.

Terra Price Analysis: LUNA still tests $26.5 support, ready to move higher today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded slightly in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 3.19 and 2.48 percent. Meanwhile, Solana and Cardano are among the best performers, with a slight gain.

Terra price movement in the last 24 hours: Terra continued to test the $26.5 support

LUNA/USD traded in a range of $25.94 – $30.79, indicating strong volatility over the last 24 hours. Trading volume has increased by 60.15 percent and totals $1.839 billion, while the total market capitalization trades around $11.52 billion, ranking the coin in 14th place overall.

LUNA/USD 4-hour chart: LUNA ready to reverse?

On the 4-hour chart, we can see bullish momentum returning for the Terra price action as the $26.5 was rejected again.

Terra Price Analysis: LUNA still tests $26.5 support, ready to move higher today?
LUNA/USD 4-hour chart. Source: TradingView

Terra price action traded in a strong bearish momentum over the past week. After a rapid move higher on the 10th of September, a new major swing high was set at $45.

After a slight retracement to $38 and another attempt to move higher resulted in a lower high set, LUNA/USD declined to $34 previous significant support. Above the support, Terra consolidated for several days and broke lower once again on the 19th of September.

A new swing low was set above $26.5 yesterday. Overnight the Terra price action continued to test the support, with rejections for further downside each time. Overall, this price action indicates an upcoming reversal later this week.

Terra Price Analysis: Conclusion 

Terra price analysis is bullish for today as further downside above the $26.5 support is still rejected. Therefore, we expect LUNA/USD to start heading higher over the next 24 hours, with the closest resistance at $31.

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

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