Terra price analysis: LUNA rejected at $60, where is it headed now?

TL;DR Breakdown

• Terra price analysis suggests a return to $60 as bulls gather momentum.
• The closest support level lies at $54.
• LUNA faces resistance at the $58 mark.

The Terra price analysis shows that the asset’s price action was rejected at the $60.00 mark and has fallen back to the $54.00 support level. While LUNA observes bearish activity, the market sentiment remains strongly bullish, suggesting further upwards movement.

The broader cryptocurrency market has observed a mixed market sentiment over the last 24-hours as most major cryptocurrencies observe mixed price movements. Major players include LEO recording a 47.32 percent incline and REV recording a 15.67 percent decline.

Terra price analysis: Bulls rejected at $60.00

Across the technical indicators, the MACD is currently bearish, as expressed by the red color of the histogram. However, the indicator shows a decreasing selling pressure in recent hours, as observed in the lighter shade of the recent bins. However, the histogram’s height suggests that activity below the $60.00 mark would not result in a bullish crossover in the short term. 

The EMAs are currently trading high as the LUNA price observes net bullish activity over the past few days as the buyers pushed above the $55.00 mark. At press time, both the EMAs are moving downwards, with the 12-EMA moving with a gentle slope reacting to recent bullish activity. On the other hand, the 26-EMA continues its steady movement to the mean level of the indicator. 

The RSI was trading high in the neutral zone but now hangs close to the mean position at 50.00 index units. The indicator hovers at 49.09 index units and moves upwards with a gentle slope suggesting that the bulls are trying to fight against the bears. Furthermore, the indicator’s position suggests room for further upwards movement across short-term charts. 

The Bollinger Bands are currently narrow and show further convergence as the price action consolidates around the $55 mark. At press time, the indicator’s bottom limit provides support to the buyers at $53.70, while the mean line presents resistance at the $56.69 mark. LUNA has little room to move without making a breakout, either above or below. 

Technical analysis for LUNA/USDT

Overall, the 4-hour Terra price analysis issues a sell signal, with 15 of the 26 major technical analyses showing support to the bears across the timeframe. On the other hand, only one of the indicators supports the bulls, suggesting little to no bullish presence in recent hours. Meanwhile, the remaining 10 indicators sit on the fence and do not issue any signals at press time.

The 24-hour Terra price analysis shares this sentiment and issues a sell signal with 12 major technical indicators suggesting movement downwards against only five indicators suggesting further upwards movement. While the analysis reaffirms the bearish dominance, it shows a bullish pressure across the mid-term charts. At the same time, nine indicators remain neutral and do not support either side of the market. 

What to expect from the Terra price analysis?

The Terra price analysis shows that after finding strong bullish support at $44 on February 3, the price action observed a spike rising to the $60.00 mark. However, the price action could not keep up the bullish activity and was rejected at the level, falling back to the $55.00 mark where it currently consolidates. 

Currently, traders should expect the Terra price analysis to move upwards towards the $60.00 mark as the bulls gather momentum. However, for that to happen, the buyers need to defend the short-term support levels at the $54.00 mark. The short-term technical indicators suggest bearish exhaustion, while the mid-term analyses show a decrease of bearish momentum over recent hours. As such, a bullish breakout can be expected from the LUNA/USDT pair.