TL;DR Breakdown
- The Terra price analysis is bullish.
- Resistance for LUNA/USD is present at $56.
- Strong support for LUNA is present at $50.8.
The most recent Terra price analysis is bullish for today as an increase in price has been recorded. The bulls have returned to the price charts, and the bullish momentum is gaining strength. As the bulls are progressing, the price has reached the $52.7 level after a sudden upturn. Earlier the bearish momentum intensified during the past few days, but now the bulls have been able to uphold their position and are successfully providing backup to the cryptocurrency. The next resistance for LUNA/USD is present at the $56 level.
LUNA/USD 1-day price chart: LUNA upholds above $52 as bullish momentum provide backup
The one-day Terra price analysis is indicating a bullish trend for the day as the price has heightened up to the $52.7 level today, gaining more than three percent value overnight. The bullish activity has been intensifying since yesterday, and we can expect that an upswing is on its way. Although the price underwent a rapid decline on 16th and 17th February, but the past two days have proved highly favorable for the buyers. The price has moved above its moving average (MA) value in the one-day price chart, which is standing at $47.7.
The SMA20 curve has been trading below the SMA50 curve after the last crossover. Volatility is mild for LUNA/USD as the upper Bollinger band is showing a $59.3 value representing resistance for LUNA/USD while the lower Bollinger band is showing a $47.7 value, representing the support. The Relative Strength Index (RSI) indicator shows the RSI score at index 44. The curve of the indicator is upwards, indicating the buying activity in the market.
Terra price analysis: Recent developments and further technical indications
The 4-hours Terra price analysis confirms that an uptrend has been taking place for the past few hours as the price has been covering range upwards for the last eight hours and has reached $52.7. The bullish trend started at the end of the previous trading session, and bulls have maintained the upwards trend with just a short interval of bearish activity in between.
As the bullish momentum seems healthy, the price has been able to cross the moving average (MA) value as well, which is going at $50.9 in the four hours price chart. In comparison, the Bollinger bands average is at $53.6 above the MA value at the time of writing.
The SMA 20 curve is still moving below the SMA 50 curve, but the volatility has increased, and now the upper Bollinger band is at $59, and the lower Bollinger band is at the $48 mark. The RSI score has reached index 48 as a result of the uptrend and may go near index 60 if the uptrend continues.
Terra price analysis conclusion
The uptrend has been going strong since yesterday and has accelerated further today as a rise in price has been detected. The bullish momentum has helped in taking the price to the $52.7 level after finding recovery. If the support present at $50.8 remains unchanged, the price can remain stable above its current level of $52.7, and even we expect LUNA/USD to continue upside for the coming hours and challenge $56 resistance later today.
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.
Source: https://www.cryptopolitan.com/terra-price-analysis-2022-02-19/