TL;DR Breakdown
- The Terra price analysis is strongly bullish.
- Resistance for LUNA is present at $99.7.
- Strong support for LUNA is present at $92.2.
The recent Terra price analysis predicts a bullish trend for the day as the chances of a further increase in price are there once again. As the price has reached the current higher levels, traders must be expecting new discoveries by LUNA. Although the price dropped to a comparatively lower level up till 7th March, yesterday LUNA started racing again, and today’s market trend is going in favor of the bulls as well. A steep increment in LUNA/USD value has been detected, as the price has been recovered up to $96.77 after the bullish efforts seen today.
Overall, LUNA has shown good performance than other cryptocurrencies and has performed well in the current bearish markets. The next resistance for LUNA is all-time high resistance of $99.7. If the bullish momentum continues, then Luna may discover a new record high today.
LUNA/USD 1-day price chart: Bulls aim for ATH
The one-day Terra price analysis is confirming an upward price movement for the day, as the bulls have made a comeback on the price chart again after continuous defeat during the past week. Although the LUNA value underwent a decline in the past week still, the price floated at a reasonably good level, today’s market trend also supports buyers. The price is now at $96.77 position as the coin is racing towards an all-time high. The moving average (MA) value is trading at $86.9 level above SMA 50.
The volatility in the one-day price chart is very high, which means that the price fluctuations might increase in the next few weeks. The upper Bollinger band shows $105.7 of value representing the strongest technically estimated resistance, whereas the lower Bollinger band dictates $42.05 representing the strongest support. The Relative Strength Index (RSI) score has grown up to index 67 today as it hints at the buying activity in the market.
Terra price analysis: Recent developments and further technical indications
The four-hour Terra price analysis confirms that the price action is headed upwards as the market has followed a bullish trend for the past few hours. A considerable rise in buying activity has been observed today, as the price increased up to $96.9. Further recovery in LUNA/USD value is to follow if the bulls continue making their progress, as the next resistance is the all-time high of $99.7 fur LUNA bulls to encounter. If we move ahead and discuss the moving average, then its value is at the $84.7 marker after crossing above SMA 50 today.
At the same time, the volatility has started to increase further, and the upper Bollinger band is now settled at the $92.7 position, and the price has broken above the upper limit, whereas the lower Bollinger band is at the $73.1 position. The RSI curve is moving ascendingly as well, and the score has enhanced up to index 69, just at the border of the overbought zone.
Terra price analysis conclusion
The daily and the hourly Terra price analysis confirms a sharp recovery in the coin value today. This is quite encouraging news for the buyers, as the price underwent a substantial decline in the past few days. The bulls have taken the price up to $96.9 high after making a return in the last 48-hours. The hourly price chart is showing promising results as well as a strong bullish trend has been observed. Traders can expect a record high price of LUNA after it continues further upside later today.
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Source: https://www.cryptopolitan.com/terra-price-analysis-2022-03-09/