LUNA next target at $75

TL;DR Breakdown

• Terra price analysis is bullish today.
• LUNA/USD found support at $67.5.
• LUNA/USD is currently trading at $69.03.

Terra price analysis is bullish today as we expect a retracement to follow after a drop to the $67.5 mark yesterday and a consolidation since. Likely we will see previous support levels retested as resistance over the next days. Please note that the medium-term outlook has changed.

The most exciting part of today’s analysis is that we believe there may still be further downside. We expect the price to drop to the $60-$65 mark before a positive trend can resume. Note that this will only occur in case other markets turn bearish as well, which is likely but not certain at this point due to market manipulation.

Today we expect a retracement to follow after the drop to $67.5 and consolidation since. Probably we will see previous support levels retested as resistance over the next days.

Terra Price Analysis Yesterday, there was a decisive move down for LUNA/USD, which moved past our projected support of around $75 and continued to fall until it reached a low of $67.5.

As yesterday’s analysis stated, we expected a retracement to follow after this drop and consolidation. This same consolidation has occurred above the $75 mark, around $76-$77 in our case. However, it does not look like it is over yet, as we are now seeing some bearish signals.

The most recent bearish sign was the volume spike which moved past our first resistance around $77-$78. Such spikes are not unusual, but it is always interesting to see if they lead to any significant price movement or not.

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

On the 4-hour chart, we see that the price action for Terra has established a solid foundation over the previous hours, suggesting that bulls will try to recover some of their loss.

The RSI indicator moves into the oversold zone, which is a very bullish sign. We expect it to keep recovering in the next few hours before any further price movement can be observed.

Another interesting aspect of yesterday’s analysis was that there might be more downside to come for LUNA/USD if other markets turn bearish as well. As has finally started to happen today, we see some bearish signals.

As we can observe on the chart above, the volume spike has reversed and is now moving down. The price action is turning downwards as well, and it seems like this may lead to further losses in the next few hours.

Even if the price structure emerges, it won’t matter until the Terra price range establishes a clear higher high. The selloff has now ended, implying that we anticipate a retrace over the following days. Then comes another plunge toward the bottom.

Terra Price Analysis: Conclusion 

The price of LUN/USD has dropped heavily in the last few days, moving past our expected support at $75 before continuing to fall until it hit a low of $67.5. After this decline, it did not find enough buyers, so it consolidated above the stated level. We anticipated that a retracement and consolidation would follow after this drop.

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