Terra price analysis: LUNA set to test $84 support as bears dominate trade

TL;DR Breakdown

• Terra price analysis shows price moved as low as $84.86 over the last 24 hours
• Price set to test $84 support below crucial moving averages
• Further decline could initiate a fall towards $70

Terra price analysis is bearish today, as the token slipped further into the decline that was initiated on March 15. LUNA fell as low as $84.84 over the past 24 hours and is expected to continue testing the $85 support mark. LUNA trading volume over the day’s trade also fell more than 34 percent, while market capitalisation dropped by over 2 percent. The bears are expected to keep price below the crucial moving averages at $84 and may even push price back towards $70 if the decline continues without buyer impetus. However, if buying action is able to drive price upwards it could take price up to the $105 resistance.

The larger cryptocurrency market showed mixed results, as major Altcoins consolidated while Bitcoin dropped down to $40,500 from yesterday’s $41,000 price. Ethereum rose up to $2,800, whereas Ripple moved slightly upwards to reach $0.79. Dogecoin and Cardano dropped down to $0.11 and $0.83, respectively, while the Avalanche token jumped up more than 7 percent to reach $79.72. Meanwhile, Solana and Polkadot also suffered minor losses, with price sitting at $86.61 and $18.57, respectively.

Terra price analysis: Bearish crossover on daily chart shows price decline

The 24-hour candlestick chart for Terra price analysis shows price forming a descending pattern as the Terra market declines. Price now sits just above support at $86.10 and could further decline towards $70. The 25-day exponential moving average (EMA) still sits within the price range at $87.44 and price will look to target this point over the next 24 hours. Market valuation has been severely declining over the past 24 hours, with a relative strength index (RSI) value of 53.77.

The major technical indicator that suggests a persistent state of downward movement for LUNA is the moving average convergence divergence (MACD). The chart shows a bearish crossover initiating around March 15, and continues to move further away from the neutral zone.

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