- Terra has been on strong bullish momentum for the last 7 days.
- The bullish rally has been cut short by today’s bearish correction.
- LUNA is currently trading at $4.55 after retracing from the $5.62 high.
According to our Terra LUNA weekly price analysis Terra is currently on a strong bullish run, having gained 122 percent in the last 7 days. However, the token has entered a consolidation phase today, with a sharp drop taking it back to $4.55.
The recent market turmoil has been beneficial for many altcoins, with Terra LUNA being one of the biggest beneficiaries. The token surged from $2.56 to $7.0551 in the last 7 days, representing a 122 percent increase. However, the token has retraced lower today and is currently consolidating at around $4.55 which represents a decline of 8.08 percent.
The daily chart for LUNA/USDT shows that the token had been on a strong bullish run in the last few days, with the price rising from $2.56 to $7.0551. However, this rally was short-lived as the price started to correct lower today. The corrective move has taken the form of a bearish candlestick, with the price currently trading at around $4.55.The trading volume for LUNA has increased by 10.43 percent while the market capitalization is down by 9.14 percent. The trading volume is currently at $1,579,164,075.03 while the market capitalization is down to $573,168,108.33.
The technical indicators are showing some weak market signals at the moment. The RSI is currently trading at 36.80 after retracing from the 70.00 high. The Stochastic indicator also has a bearish crossover, with the %K line crossing below the %D line. This indicates that the market is currently in a bearish momentum and further downside cannot be ruled out.
The MACD indicator is also in a bearish momentum as the MACD line has crossed below the signal line. This indicates that the market is currently bearish and further downside may be seen in the near term.
The Terra LUNA weekly price analysis shows that the token has entered a consolidation phase after a strong rally that saw it gain 122 percent in the last 7 days. The technical indicators are currently giving some weak bearish signals, which indicates that the market may see further downside in the near term. The current support levels for LUNA are $4.20, $3.90, and $3.60. The current resistance levels are $4.80, $5.00, and $5.20. However, the current support levels should hold, and the market may see further upside in the long term.
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