Terra price analysis: LUNA price goes down to $63, as bears define the price function

TL;DR Breakdown

• The Terra price analysis is bearish today.
• Resistance for LUNA is present at $69.
• Support for LUNA/USD is present at $59.9.

The Terra price analysis is bearish, indicating a decline in price today. The price levels have moved down to meet the $63 level, which is due to the sellers approaching the market in high numbers. Furthermore, there have been ongoing variations that have lasted for a while, and the bears have finally secured their lead once again. The bears are inclined towards taking the price further below the current price value to keep maintaining their bearish slide that has been continuing for today. The bears have played swiftly as they have dodged past the bullish momentum that had interrupted their streak yesterday.

LUNA/USD 1-day price chart: LUNA price levels shrink further

The 1-day price chart for Terra price analysis is going in favor of the bears once again, as they have regained their momentum after a day’s break. The price value has gone through a major correction as today it has reached down to the value of $63.2, losing around 5.77 percent over the last 24 hours. Meanwhile, if we talk about the moving average value in the 1-day chart, then it is found resting at $73.8 level. Moreover, the SMA 20 curve is trading below the SMA 50 curve, which is a bearish sign as well, as the short-term trending line is going downwards.

The volatility is still high as the Bollinger bands are still expanded, and its upper band is showing the value at $89, representing resistance, while its lower band is present at the $60 mark representing support for LUNA/USD. The Bollinger bands average is set at $75. As with their expansion, the volatility is increasing as well. The Relative Strength Index (RSI) score has also followed a steep downwards slope, as it has reached down to the index 40.

Terra price analysis: Recent developments and further technical indications

The 4-hours Terra price analysis indicates that the bearish momentum has resulted in a momentary decline in the price value. The price has dropped critically today. But the bulls have finally made a comeback in the last four hours, and the price has been elevated to the $63.5 level after overcoming the resistance coming from the bearish side.

The moving average (MA) is also at a greater height as compared to the current price, i.e., $65.9, and has passed above the SMA50 curve. The volatility is gradually decreasing with the upper limit of the Bollinger bands coming downwards. Also, the Bollinger bands values in the 4-hours price chart are as follows; the upper Bollinger band is at $74, whereas the lower Bollinger band is at $56, respectively. The RSI score has increased as well because of the bullish support showing up; the indicator shows the buying activity in the market as its score has increased to index 41.

Terra price analysis conclusion

The Terra price analysis suggests the bears have made a strong comeback today as they have written off the gains made yesterday by the bullish side. The LUNA/USD price has reached the level of $63.2, where it started to uplift yesterday. If the support below remains strong, LUNA can be expected to continue recovering more, as is evident from the price action of the last four hours as well.

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