Terra (LUNA) Price Analysis:  Bulls Dominate Marking Higher Goals

Terra (LUNA) Price Analysis:  Bulls Dominate Marking Higher Goals

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The post Terra (LUNA) Price Analysis:  Bulls Dominate Marking Higher Goals appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The price of Terra has been on a tear, with the market recording a significant increase in prices. The bulls took control of a rally that brought prices as high as $2.02 per in the past 24 hours. The value of the crypto pair has taken a nosedive over the past few days as bearish momentum ran strong and severely damaged the coin’s value.

LUNA/USDT Price Analysis for Long Term

The daily chart of Terra price shows that the coin price has surged high today. Bulls have covered a range from $1.80 to $2.02. The price is currently set at $1.98, as the coin has gained 11.5% during the last 24 hours.

The price has jumped above the moving average (MA) indicator, which is trading at $1.90, and the current price and the MA value are still below the SMA 50 curve due to the continuous bearish trend during the past few days. The volatility is high, which has provided the chance for the bulls to rally high. 

The upper Bollinger band reached $3 representing the strongest resistance for LUNA, and the lower band reached $1.2 representing the strongest support combined the indicator suggests a vast price envelope for LUNA to oscillate within. 

The Relative Strength Index (RSI) score has also increased to index 28, and the indicator curve is also steeply upwards, which indicates the high buying activity in the market.

Terra (LUNA) Price Analysis – Short Term

The 4-hour chart for Terra price analysis also supports the bulls as they have been in the lead for the last 12 hours and have gained significant value for the crypto pair. Bears also tried to play in after the price broke upwards at the start of the day but were soon sidelined by the bulls. 

The LUNA price is attempting for a parabolic recovery that was halted by the influence of the bears in the past couple of hours. However, the bulls appeared to have regained their dominance, and hence the curve could uplift the price above $2 to achieve the crucial resistance at $2.23. 

From the above Terra price analysis, we can see that the bulls are trying to fight back the bearish momentum. The LUNA/USD price levels have reached $2.02 today, which is a great achievement for the bulls after a period of huge losses. We expect the cryptocurrency to continue to gain further upside for the coming 12 hours.

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