Terra Crypto Price is Near an All-time Low; Will It Rise or Sink?

• The RSI is at 63 and it has rapidly jumped to the overbought zone.
• The trading volume of the Terra crypto surged by 91% in the past 24 hours.

On a wider time frame, the Terra (LUNA) crypto price has been in a firm bearish trend and recently registered an all-time low of $0.000026 on January 23, 2024. The price has recovered by 142% from its all-time low.

In February, the LUNA crypto price has been in a bullish trend and has jumped by 77% in a week. On a wider time frame, the LUNA price has been falling, forming lower lows and lower highs. Currently, the price is forming a lower high structure as it faces resistance from the last swing high.

The LUNA crypto is trading at $0.000063 and rose by 1.50% in the past 24 hours. The Terra crypto is trading far below the significant moving averages, which showcases the bearish trend.

Terra Price Technical Analysis on 1-D Time Frame

On a daily time frame, the LUNA crypto price has surpassed the 20-Day moving average and is near the last swing high level. The price has formed a shooting star candlestick, signaling negative sentiments.

If the LUNA price falls, it may continue the bearish trend, and if it fails to defend the 20-Day moving average, sellers may dominate and the price may melt to an all-time low.

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On the other hand, if the LUNA price surpasses the last swing high and is sustained, buying momentum can be initiated. As we can see on the chart the price is falling by forming lower lows so the Terra price will remain bearish below the $0.000100 mark.

The technical analysts say the buying signal can be generated over the $0.000100 hurdle. The circulating supply of LUNA is 652,665,153 LUNA.

Technical Analysis of Terra Crypto Price on Weekly Time Frame

On the weekly time frame, the LUNA crypto price has been in a bearish trend and declining through the falling channel. Currently, the Terra price is heading toward the upper trendline.

If the LUNA price rises and faces resistance from the trendline and forms a bearish candlestick, it may continue the bearish trend through the falling channel. On the other hand, if the Terra crypto price manages to give a positive break from the channel, buying momentum can be observed in the short term.

But, if the Terra price manages to sustain the $0.000200 hurdle, buyers may bring back their confidence and a trend reversal can be expected.

Terra Price Prediction FAQs

What is the LUNA price prediction today?

The LUNA crypto price is forecasted to fall 2.12% to reach $0.000061 by today.

What is the Terra price forecast for tomorrow?

According to our technical analysis, the LUNA price is forecasted to drop 3.43% to hit $0.000059 by tomorrow.

What is the current LUNA sentiment?

The current Terra price prediction sentiment is bearish according to our technical analysis.

Summary

Based on the technical analysis, the current sentiment for the Terra (LUNA) crypto price is bearish. Although the price has recovered from its all-time low, it is trading far below the significant moving averages, which indicates a bearish trend. The price has formed a shooting star candlestick on the daily time frame, signaling negative sentiments.

Technical Levels

Resistance: $0.000066 & $0.000100

Support: $0.000053 & $0.000035

Disclaimer

Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is especially volatile and speculative, and this article does not advise investing in cryptocurrencies or other ICOs. Since everyone is unique, a certified professional should be continually consulted before making any economic decisions.