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Terra Price Loses Steam after Rebound: A Bearish Reversal Soon?

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Terra Price Loses Steam after Rebound: A Bearish Reversal Soon?
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Terra crypto price could not restore the bullish zone even after struggling for the past two weeks after a sharp fall earlier. The price was unable to climb into the $0.8 zone despite the multiple attempts of bulls in the recent sessions.

Moreover, the bulls have not lost hopes yet and are shifting the recent lows higher than the preceding lows, thus, intending to defend the previous one. The price experienced multiple support from a positive trendline and an ascending triangle pattern was noted on the charts.

The bears have established themselves near an upper supply zone at $0.8 and are intending to retrace the price at lower demand zones. The price trend is currently indecisive until it is maintained in the zone. 

However, the crypto is reaching a crucial zone form where either of the bulls or bears have to square off their positions and a fresh trend might be noted on the four hour chart. 

Terra Price Loses Steam after Rebound: A Bearish Reversal Soon?
Source: CoinMarketCap

Terra Crypto Price Trend Analysis

The weekly chart suggests that Terra crypto price suffered rejection from the upper levels while attempting to surpass a round number and the psychological level of $1. The price fell sharply for three weeks, losing nearly 40% of its market cap in a very short span.

The price reversed from a high of $1.3 and retraced a low of $0.5 in the beginning of January 2024 from where the bulls took charge and halted the further momentum. The recent dip sent the price to a two month low. 

Currently, the bulls are attempting but lacking buying volumes in order to counter the selling pressure and push the price back to the bullish zone. At the four hour chart a fresh ascending triangle pattern is observed. 

Now, the breakdown to the upper side may encourage buyers to gather more buying volume and challenge the sellers at the upper levels. 

On the other side, the recent trendline support might be the last hope for buyers to be in the game. A break below it may trigger stop losses of the buyers and the price may slide to the lower demand zones.

Terra Price Prediction January 2024

Terra Price Loses Steam after Rebound: A Bearish Reversal Soon?
LUNA/USD Chart by TradingView

As per the most optimistic view of our analysts, the LUNA price could reach a high of $0.883 by the end of the month. The bearish view of analysts hopes for a breakdown below the recent support after which the price may drop to a low of $0.6337.

Terra Price Prediction 2024

The price prediction for 2024 shows that Terra crypto may advance to a high of $1.1801 by the end of year 2024. The less optimistic analysts estimate a price target of $0.961 by the end of year 2024.

Terra Price Prediction 2025

On the most bullish observation, Terra crypto could gain to a high of $1.6487 in the year 2025. On the flip side, the most pessimistic prediction of our analysts is for the price to reach $1.2644. 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

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