Terra price analysis: LUNA corrects after peaking at $75 amid a market drop
- Terra price analysis is bearish today.
- LUNA marked an all-time high at $75.
- Support for LUNA is present at $66.4.
The Terra price analysis is bearish today as the coin is correcting after marking a record high yesterday at $75. Yesterday when the entire crypto market was bearish, LUNA/USD also felt the pressure, and the price declined during the first half of the day. Recovery was observed during the second half when most of the coins recovered marginally, but this was the time when LUNA started to rally high, and the price peaked at $75 marking another ATH. LUNA was one of the exceptions that were capped in green yesterday and the only one that observed a record high as it recovered much better than other coins yesterday.
The broader cryptocurrency market has observed bearish pressure over the last 24 hours as many coins, including Bitcoin, are still on the decline after a heavy sell-off yesterday. However, many altcoins are recovering as well, with the LUNA being the top performer gaining 22.85 percent value, but is correcting now.
LUNA/USD 1-day price chart: LUNA faces rejection at $75
The 1-day price chart for Terra price analysis shows the price has declined today. LUNA traded in a range of $77.6 to $70 today and is trading hands at $72.2 at the time of writing. LUNA/USD reports an increase in price value by 22.8 percent over the last 24 hours as it rallied high during the late hours yesterday, and Luna reports an increase of 68 percent in value over the past week. The trading volume has also increased by 95 percent.
The volatility has also increased as the Bollinger bands have expanded quite vastly and the price stepped below the upper limit of the Bollinger bands today, now the upper band at the $73 level represents resistance for LUNA, and the mean average line of the indicator at the $50 mark represents a support zone for LUNA.
The relative strength index (RSI) shows overvaluation of LUNA as the RSI is still present in the overbought region, but the curve of the indicator is downwards, hinting at the selling activity in the market as it trades at index 70 .08.
Terra price analysis: Recent developments and further technical indications
The 4-hour price chart for Terra price analysis shows the price peaked at the end of the last trading session and reverted back at the start of the current trading session. The correction is still under process but in a controlled manner.
The volatility on the 4-hour chart is also high, with the upper limit of the Bollinger bands at $75 representing resistance for coin and the lower limit is at the $55 mark. The average of the indicator represents support for LUNA at the $65 mark. The RSI is on a downslope at index 62, but LUNA is not in an overbought position here as the RSI is trading in the neutral zone.
Terra price analysis conclusion
The Terra price analysis suggests the coin is still in bullish form and may start upside again after correcting for a few more hours today. If the correction continues, we can still expect it to float above $68 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.
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