Terra price analysis: Bullish curve dominates as LUNA spikes to $63

TL;DR Breakdown

• The Terra price analysis is on the bullish side.
• Resistance for LUNA/USD is present at $68.8.
• Strong support for LUNA is present at $59.3.

The Terra price analysis is dictating an increase in the price value today. The price levels are increasing continuously, creating a swift bullish movement on the price charts. The coin value is $66.3 currently, and it has increased by 24.2 percent in the last 24 hours.

The past hours experienced some activity from the bearish side as well, as the price has been seen decreasing, which is not unnatural after a rally high. The next resistance for LUNA/USD is present at the $68.8 level.

LUNA/USD 1-day price chart: LUNA Bulls efficiently grows above $63

The 1-day price chart for Terra price analysis shows cryptocurrency analysis is going bullish today as more buyers have approached the market. The bullish momentum has been continuous and has successfully been able to dodge past the major bearish trend clenching over the broader cryptocurrency market.

The price has increased up to $66.3, gaining more than 24 percent overnight, and there is an imminent possibility that it will increase further in the upcoming days. The Moving Average (MA) indicator holds significant importance, and it shows a value of $55.2.

The volatility is also increasing, which indicates a relatively positive signal for the future. The Bollinger’s bands are widening up, as a result, showing the upper band at $64.5 and the lower band at $45.6. The price has shooted past the upper band, which is a strong bullish indication. The Relative Strength Index (RSI) score is also on the increasing side and has reached index 62 in the upper half of the neutral zone.

Terra price analysis: Recent developments and further technical indications

The 4-hours Terra price analysis depicts a sudden drop in the price during the last eight hours. The bullish momentum has been huge, and the price has rallied high for 16 hours continuously since yesterday, so a correction is natural to occur. The decrease in price is small but has stopped the upwards oscillation of the price function as it has lowered to the value of $66.4. at the time of writing.

The moving average, on the other hand, is also way lower than the current price level and is $60.7. As per Terra price analysis, the volatility is quite high, with the Bollinger bands expanded over a larger area on the charts, which may be a positive hint for the future of cryptocurrency.

The Bollinger’s bands are showing the following values; the upper band is present at $68.6, while the lower band is present at $47 at the time of writing. The RSI score is slowly decreasing as the coin is correcting, taking the score down to index 69, almost at the border of the overbought zone.

Terra price analysis conclusion

The Terra price analysis indicates a continuous increase in the price levels for the past four days and for today. Even when the broader market was under bearish pressure, LUNA/USD continued upside, which shows its potential. After the continuous bullish momentum, the price has increased to $66.4 as a result.

There is a possibility that the bulls will take the price higher after the correction stops. A further increase in the LUNA value can be expected.

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