Terra recovers as it gains 10% in the last 24 hours
Terra’s price has been choppy in recent days, despite the broader market slowly gaining momentum. In the past week, the currency has fallen by almost 30%.
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At the time of writing, LUNA was priced at $50.72. Earlier yesterday, LUNA attempted to trade above the price of $52. The global cryptocurrency market cap stood at $1.83 trillion after rising 1.6% in the past 24 hours.
Terra’s trading volume also showed a 75% appreciation at the time of going to press. This increase in trading volume could be linked to the revival of purchasing power in the market.
The resistance mark for the coin was $60.10. Terra’s keen price sentiment may have been impacted by the Wonderland Project fiasco. LUNA’s prizes began their journey south after it was discovered that Michael Partyn was responsible for Wonderland’s treasury.
LUNA’s prices were 69% lower than the All Time High. Terra’s local support level for the coin waited at $43.60. LUNA last traded around this level in November. LUNA’s prices had not fallen below the $50 price level as the coin viewed the above level as a robust support level.
Market purchasing power has also been in bearish territory for nearly a week or so. Looking at the technical indicators, it is difficult to say whether LUNA will maintain a similar price action during the next trading sessions.
Terra Price Analysis: Four Hour Chart
Terra was in the opposite price direction to its own market trend of the past week. After exchanging a descending channel, Terra managed to break through at the top.
The chart also started showing recovery once that happened. The support level mentioned above was $43.60, a sign that the coin last traded in the month of November. Two resistance levels for Terra were $60.10 and $68.15.
The Relative Strength Index is responsible for representing purchasing power and market pressure. Over the past week, the RSI has remained below the zero line, indicating a period of ongoing sell-off.
The indicator also dipped below the 25 mark, reflecting the market’s oversold trends. At the time of writing, however, as Terra zoomed in on his chart, the RSI was moving higher in anticipation of a recovery in purchasing power, but there was also a small decline in the indicator at press time.
On Balance Volume showed an increase, indicating that the inflow volume is also starting to pick up. In return, this reading indicated positive price action. Awesome Oscillator described the market strength.
While the indicator gave off green signal bars as prices showed recovery, the green signal bars were seen below the half-life.
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If green signal bars remain below the half-line, it’s too soon to tell if prices would turn bullish. The relative strength index already pointed to a possibility that buying pressures could fall, as evidenced by the small decline.