LUNA/USD will break through the $38 barrier

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Terra’s pricing analysis: a high-level summary

Terra’s price analysis is positive for today, following overnight stability above the $34 support. As a result, we anticipate LUNA/USD to rise during the next 24 hours, recouping some of the losses experienced earlier this week.

The 20-day Moving Average is rising, indicating that the LUNA/USD price is rising, while the 100-day MA has crossed above the 200-day MA, showing that the market is positive. The bears are unlikely to stifle bullish momentum, as the bulls want to start the weekend on a high note.

The bulls found support at the intraday low. This support appears to be solid, assisting the bulls in launching an uptrend and building head and shoulders patterns to $30.33 highs. However, the bears were so strong that they pushed the price down in a collapsing wedge.

Terra price analysis: LUNA/USD to surpass the $38 resistance 1
Cryptocurrency heat map. Source: Coin360

The Bollinger bands expanded early in the trading day, suggesting that LUNA/USD is more volatile. However, the LUNA/USD price was close on the upper Bollinger band, indicating a possible bull run.

The cryptocurrency heatmap shows that the coin is trading in mixed reactions in general. Bitcoin and Ether, two massive assets, are part of the sector now trading in a negative trend. Even though the two most popular assets are trading in the red, most cryptocurrencies are seeing huge price increases. Binance coin is currently selling at $415, a 2 percent increase in price. According to the coin360 heatmap, Solana is the hottest gainer of the day, with a price increase of more than 15%, while BNK has suffered the greatest losses.

The 4-hour chart of the LUNA/USD currency pair shows bullish momentum

Bullish momentum is slowly returning on the 4-hour chart, signaling that more upside is on the way later this weekend.

Because both buyers and sellers have equal strength, the BoP indicator is neutral. On the other hand, the bulls appear to be outnumbering the bears, resulting in a price increase in the next trading sessions.

Terra price analysis: LUNA/USD to surpass the $38 resistance 2
LUNA/USD 4-hour chart. Source: TradingView

On the LUNA/USD price, the majority of technical indicators are bullish. The $36 resistance is proving to be a stumbling block for buyers. On the other hand, the bears are not willing to allow the bulls to go over the intraday highs. The bulls appear to be planning an attack and putting up a strong defense that will allow them to burst through it.

The Bollinger band is broad on the four-hour price analysis chart, indicating that the coin is fairly volatile. The price of the LUNA/USD was just above the Lower band, with the possibility of crossing below it; this suggests that the market is in the hands of the bears.

Conclusion

The last major support was retested overnight, and the bulls regained momentum. Terra’s price analysis is optimistic. As a result, we predict LUNA/USD to rise during the next 24 hours to break through the $38 barrier.

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