LUNA/USD pair set to spike higher in the next 24 hours

TL;DR Breakdown

• Terra price analysis suggests upwards movement to $93
• The closest support level lies at $90.00
• LUNA faces resistance at the $92.00 mark

The price action of LUNA appears to have found bullish support and broken through the $90.00 barrier, according to the Terra analysis. If buyers take advantage of this momentum, LUNA might reach the $95.00 mark in the next few days.

The broader cryptocurrency market has witnessed a strong market sentiment during the previous 24 hours, with most major cryptocurrencies seeing gains. AVAX and SOL saw increases of 11.43 percent and 5.82 percent, respectively.

Terra price movement in the last 24 hours: LUNA breaks above $91.00

Technical indicators for LUNA/USDT by Tradingview

The MACD is presently in a bullish position, as demonstrated by the histogram’s green color. The indicator has previously demonstrated a bullish crossover and maintained a strong rising momentum since then. Over the previous several days, the price movement exploded over $91, indicating that the MACD was gaining increased ascent in the near term.

The EMAs are currently at or near the average position, as the LUNA price has had very little net activity in recent days, with the most recent bullish movement barely outweighing the bearish movements recorded over the prior five days. The 12-EMA is presently rising fairly slowly, and the 26-EMA is moving horizontally without reacting to present price action.

The RSI looks healthy, as it is presently floating at around the 50-mark. This means that there could be increased market activity in the coming days, although this cannot be guaranteed by any means

Terra price four-hour price analysis chart: What to expect from the Terra price analysis?

LUNA’s market action over the past several days has been mixed, with a slight increase in bearish pressure after a period of sustained bullishness. However, the most recent 4-hour candlestick looks promising for buyers, as it has closed above the $91.00 level.

The next level of major resistance lies at $95.00, while the closest support level is at $90.00. The market sentiment appears to be bullish, as indicated by the MACD and RSI indicators. If buyers can maintain the current level of bullish pressure, the Terra price could potentially reach $93 in the next few days.

4-hour price chart by Tradingview

The Terra analysis shows that after a strong bearish pressure was discovered at $105.00, which drove the trend and caused LUNA to drop below the $83.00 threshold, the price has since rebounded. The recent bearish activity has reversed the prior bullish momentum. As of writing, the bulls and bears are in a standoff, attempting consequently, the price might enter a consolidation phase around $93.00 before resuming its journey upwards.

The market is presently in a state of flux, with the bulls and bears battling for control. The market sentiment appears to be bullish, as indicated by the MACD, but the RSI suggests that there could be increased market activity in the near future.

To sum up, the Terra analysis shows that after a strong bearish pressure was discovered at $105.00, which drove the trend and caused LUNA to drop below the $83.00 threshold, the price has since rebounded. The recent bearish activity has reversed the prior bullish momentum.

Terra price analysis: conclusion

Traders should expect the Terra price analysis to move upwards towards the $93.00 mark as the bears dominate the mid-term charts; However, the low trade activity suggests low volatility. The market sentiment is also mixed suggesting a lack of momentum across the short-term charts. Nonetheless, the bullish mid-term chart suggests that the price action is headed upwards.

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.