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Terra Price Analysis: LUNA sets a new all-time high above $66, more upside to follow?

www.cryptopolitan.com 02 December 2021 17:06, UTC
Reading time: ~2 m

  • Terra price analysis is bullish today.
  • LUNA/USD found support around $61 overnight.
  • Further upside tested over the last hours.

Terra price analysis is bullish today as we expect the current rally to continue further later in the day. However, LUNA/USD could see a slight retracement as the $66 mark currently has offered some resistance.

Terra Price Analysis: LUNA sets a new all-time high above $66, more upside to follow? 1
Cryptocurrency heat map. Source: Coin360

The market overall has seen mostly bearish results over the last 24 hours. The market leaders, Bitcoin and Ethereum, have lost 2.36 and 2.18 percent. Meanwhile, Terra (LUNA) is among one of the best performers, with a gain of around 2.5 percent.

Terra price movement in the last 24 hours: Terra retraces to $0.61, sets another higher high later in the day

LUNA/USD traded in a range of $61.08 – $66.21, indicating substantial volatility over the last 24 hours. Trading volume has increased by 12.15 percent, totaling $2.66 billion, while the total market cap trades around $25.1 billion, ranking the coin in 12th place overall.

LUNA/USD 4-hour chart: LUNA sets new all-time high around $66 

On the 4-hour chart, we can see the Terra price moving higher again over the past hours, leading to a new all-time high slightly above $66.

Terra Price Analysis: LUNA sets a new all-time high above $66, more upside to follow?
LUNA/USD 4-hour chart. Source: TradingView

Terra price action has seen strong bullish momentum seen so far this week. After several days of consolidation around $40 – $45, LUNA/USD started gaining momentum on Sunday, reaching the $50 mark by the start of this week.

Further upside has followed since, with the previous all-time high at $55 broken without much hesitation. By the end of Yesterday, LUNA had set a new all-time high at $65.

After some further attempts to move higher overnight, a consolidation was formed as selling pressure returned. Over the past hours, the Terra price action saw another slightly higher high set as the $66 mark was quickly reached. However, further highs should come after another retracement.

Terra Price Analysis: Conclusion 

Terra price analysis is bullish today as another higher low was established overnight, around $61. Since then, LUNA/USD has resumed the rally, reaching a new high slightly above $66.

While waiting for Terra to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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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