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Terra Price Analysis: Luna/USD is bullish for the next 24 hours


www.cryptopolitan.com 17 December 2021 13:56, UTC
Reading time: ~2 m

  • Terra price analysis is bullish today.
  • LUNA/USD saw a strong reversal yesterday.
  • Closest resistance at $66.

Today’s Terra price analysis is bullish because we anticipate additional gains to follow after yesterday’s high of $62 was surpassed. We believe that LUNA/USD will next hit the $66 mark as the momentum still appears strong.

The MACD line has crossed over the red signal line. This indicates that the bullish momentum will continue, which means that today’s price analysis is very bullish.

The Relative Strength Index also indicates that the market is bullish as it is currently above 50.

This all leads us to believe that Terra and LUNA will continue increasing in price today. The next resistance level for LUNA/USD is $66, so we predict that this will be the next target for the coin.

Yesterday, Terra price analysis showed that the coin was bullish as it surged to a high of $62. The market momentum is still strong today as the MACD line has crossed over the red signal line, indicating that the bullish momentum will continue. The Relative Strength Index is also above 50, confirming that the market is in a bull phase.

LUNA/USD 4-hour chart: LUNA ready to break $66 next?

On the 4-hour time frame, we can see that the Terra price is still ascending today, suggesting a breakout above $66 is possible next.

DOGE/USD 4-hour chart. Source: TradingView

The price of Terra has been declining for the past week. Following the market’s peak at $79 on December 4, subsequent attempts to rise any higher were thwarted.

On December 10, the market structure collapsed as a strong lower low was established at $53 after several days of decline. Since then, LUNA/USD has made another lower peak at $60.

However, after bearish momentum returned yesterday, LUNA/USD shot up over $54, surpassing the prior high. Throughout the evening, additional gains were recorded, pushing us to the present bid to break resistance at $66.

Terra Price Analysis: Conclusion 

The $62 support was broken yesterday, and the price has continued to rise today. As a result, LUNA/USD is expected to climb even higher in the next 24 hours, with the nearest resistance at $66.

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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