Terra (LUNA), a coin that was sunk a bit over a week back, has seen a remarkable comeback.
The broader market has also regained strength which has proved to be beneficial for the industry’s altcoins. Bitcoin and Ethereum are now trading above their current price levels. At the time of writing, prominent coins were awaiting the next price ceilings.
Over the last 24 hours, the coin rose over 4% and in a week’s time, Terra brought home gains worth 13%. Terra (LUNA), which is one of top ten coins in the market, continues to be the best gainer.
Today’s global cryptocurrency market capital was $2.04 trillion. There has been an increase of 1.3% in the last day.
Terra (LUNA) Price Analysis: Four-Hour Chart
Terra’s bulls have regained strength and the prices were bordering $100. Terra was worth $99.27 as of the writing date. One dollar would be the immediate resistance for Terra once the 100 mark is crossed.
Support level for the coin was $91.82 but failed to hold. The coin fell to $83.81. It was observed that the coin’s price moved in an upward channel. An indication that the coin’s gain of double-digits over the last week could indicate a price pullback is possible.
Terra volume closed in the green signifying that it had witnessed bullishness. A small bar suggests that the coin hasn’t been experiencing high selling volume and also that people have continued to HODL.
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Technical Analysis
Terra was valued at $99.27 when this article was written. The buyers appear to have restored confidence after a significant recovery over the course of a week. According to the Relative Strength Index the coin showed sharp recovery.
It was above the 60-mark and near the 80 mark. The indicator indicated buyers had oversold the market. At the time this article was written, it appeared that the asset had been overbought. There is the possibility of price correction if the asset remains in the above-bought area for longer.
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Terra gained bullish momentum during the four-hour chart| Source: LUNA/USD on TradingView.com
Terra was at the edge of its immediate resistance to price, but it was rejected by $100 within a week. According to the MACD, there was a bullish price trend for Terra. At the time of writing, there was a bullish crossover. The indicator displayed green bars.
Directional Movement Index (ADX) is an indicator of price momentum. On the four hour chart, it shows positive price momentum. Also, the Average Direction Index (ADX), which was above 25 marks is an indicator of market strength. It also indicates upside movement.
Terra may aim at the $106 price point over the next trading session, which could mean an increase of 7% for the coin.
Featured Image from UnSplash. Charts by TradingView.com