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- Terra price analysis shows price heading downwards once again as bullish run comes to halt
- Price subjected to stagnancy with declining market valuation
- LUNA fell 1 percent in price as trading volume increased 13 percent over 24 hours
Terra price analysis once again shows bearish signs, as price seemed to stagnate over the past week. After enjoying a profitable run to reach as high as $97.71, LUNA now sits just above the $90 support and is expected to test the support zone over the coming trading sessions. Over the last 24 hours, Terra market cap fell more than 1 percent, the same as price, while trading volume rose 13 percent.
The larger cryptocurrency market showed increments all across the board, led by Bitcoin’s revival to reach up to $44,000 with a 4 percent rise. Ethereum also rose 4 percent to move above $3,000, while major Altcoins also maintained the green zone. Cardano rose a massive 9 percent to record the biggest increase over 24 hours in the market, with price reaching as high as $1.17. Ripple rose 2 percent up to $0.84, while Dogecoin gained 4 percent to move up to $0.13. Meanwhile, Solana and Polkadot 8 and 2 percent each, respectively.
Terra price analysis: Price retains crucial moving averages on daily chart
On the 24-hour candlestick chart for Terra price analysis, price can be seen heading downwards since March 21. Since then, a rectangular pattern has appeared on the daily chart, suggesting price becoming subject to lowering market valuation. Price still sits above the crucial 25-day exponential moving average (EMA) at $92.70. Support sits at $90 which is expected to be tested over the coming trading sessions before price finds another upturn.
The relative strength index (RSI) in this reference still presents a strong valuation at 57.26, but has taken a turn downwards over the past 24 hours. Furthermore, the moving average convergence divergence (MACD) continues to retain a bearish divergence created on March 14 and sits below the neutral zone. Over the next 24 hours, price is expected to dip slightly as other Altcoins garner much of the market interest and price is expected to test $90 support properly before finding an upturn.
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