Terra price analysis: LUNA sets up rally to potentially move above $100

TL;DR Breakdown

• Terra price jumped over 6 percent during today’s trade
• Price identifies bullish signal similar to one in August 2021 that propelled LUNA up to $102
• Trading volume up 32 percent with market capitalisation increasing over 6 percent

Terra price analysis is highly bullish today, as the token jumped up more than 6 percent from yesterday’s price and recording a week-long high of $96.95. The current uptrend for LUNA is being cited as similar to one in August 2021, when price propelled more than 80 percent, taking Terra price from $12 to $102. Over the current trend, LUNA is expected to carry out a similar uptrend to take price above $100. Over the past 24 hours, Terra trading volume rose more than 32 percent to confirm the bullish status, while market capitalisation rose almost 6 percent.

The larger cryptocurrency market showed mixed signs, as Bitcoin dropped down to $41,000. Ethereum rose 3 percent to move almost up to $3,000, while major Altcoins picked up significant increments. Ripple rose 3 percent to move up to $0.82, Cardano 5 percent to $0.91 and Dogecoin 1 percent to $0.11. Polkadot gained 2 percent while Solana dropped down to $87.96 with a 1 percent decline.

Terra price analysis: Strong market valuation tips bullish momentum for LUNA

On the 24-hour candlestick chart for Terra price analysis, price can be seen forming an ascending triangle since March 16, taking price as high as $97.62 in the process. The trend is similar to that recorded in August 2021, which propelled price up to $102, having recorded an 80 percent increment. While the current trend may not push price in the same vigour at this point, but remains certain to push price past the $100 mark. The relative strength index (RSI) presents a strong case in this regard at a valuation of 58.14. Market valuation for LUNA could tip towards an overvalued state as price progresses, which could bring sell offs into the market.

The moving average convergence divergence (MACD) presents a precarious viewing after making a bullish divergence past the difference line of the 12 and 26-week moving averages (MAs) on March 16. However, the signal line trends quite close to the neutral zone, indicating some bearish momentum to come in to the market.

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