LUNA/USD bearish for the next 24 hours

TL;DR Breakdown

• Terra price analysis is bearish today
• The price was stagnant as the market valuation fell.
• At the time of writing, Terra is trading at $0.61.

Terra price analysis shows price heading downwards once again as bullish run comes to halt. Price subjected to stagnancy with the declining market valuation. LUNA fell 1 percent in price as trading volume increased 13 percent over 24 hours.

The digital asset market has been in a state of decline over the past few weeks as Bitcoin (BTC) prices tumbled below the $10,000 mark. This sell-off has affected most assets in the market, with some faring worse than others.

The decline in Terra’s price has coincided with a decrease in trading volume and market valuation. However, things may be about to change as the coin’s trading volume has increased 13 percent over the past 24 hours.

At the time of writing, Terra is trading at $0.61, which is a 1 percent decrease from its price 24 hours ago. Despite this minor decline, the coin’s price is still up 5 percent from its weekly low of $0.58.

The main reason for this loss in momentum is due to the lack of buyers in the market as the sell-off continues. The next few days will be crucial for Terra as the market tries to find a bottom.

If the selling pressure continues, then Terra could retest its weekly low of $0.58. However, if the bulls can defend this level, then the coin could start to rebound and move back towards its recent highs.

It is important to note that Terra is still in a long-term uptrend and any dip should be considered as a buying opportunity. The next key level to watch is $0.50, which was previous resistance and should now act as strong support.

Terra price analysis: Price retains crucial moving averages on daily chart

On the 24-hour candlestick chart, we can see that Terra has retested and held both the 50-day moving average (MA) and the 200-day MA.

The 50-day MA is currently providing support at $0.60, while the 200-day MA is sitting just below $0.50. This indicates that there is still strong demand for the coin at these levels.

The RSI is currently in the middle of the range, which shows that the market is currently neutral. However, the MACD is still in bullish territory and is starting to turn up.

This indicates that Terra could start to rebound in the short term as the market looks to find a bottom. The next key level to watch is $0.70, which was the previous resistance.

The relative strength index (RSI) is a technical indicator used to measure the strength of a market. The MACD is another technical indicator that is used to measure the momentum of a market. A move above 70 indicates that a market is overbought, while a move below 30 shows that it is over oversold.

Terra price analysis: Conclusion

Overall, the market is still in a long-term uptrend and any dip should be considered as a buying opportunity. The next key level to watch is $0.70, which was the previous resistance.

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.