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Terra Price Forecast: Will LUNA Bounce back or Resume Downtrend?

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Terra Price Forecast: Will LUNA Bounce back or Resume Downtrend?
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The Terra price is halted near the value of $1.2870 and from there, it continuously heads in the downward direction breaking below the key moving averages. In the previous sessions, buyers tried to break the upper EMAs but failed as the price faced rejection from the key EMAs.

The Terra Crypto price prediction suggests the token produced an interesting declining pattern. It struggles to move above 20, 50, 100, and 200-day daily moving averages.

The Terra/USD price forecast shows that the coin is trying to break the upper trendline on the daily time frame chart. Terra crypto needs to increase the positive momentum to break out from the declining pattern. However, buyers may approach towards 50-SMA, which acts as a resistance level to the crypto price. Moreover, the 24-hour trading volume is $49,711,562.

Terra price forecast implies that investor sentiments regarding the Terra coin are bearish. Investors may prefer to keep a keen watch over the crypto. Presently, the LUNA price is below all the key EMA and MA levels.

The present value of Terra is $0.6778. It has a market capitalization of around $432,082,490 with a fully diluted market cap of $681,975,864. This cryptocurrency has a circulating supply of 635,640,644 LUNA.

Terra/USD has performed poorly so far this year. Year-over-year negative returns are 18.41% while returns over the past 6 months are 0.51%. The return was 29.47% in the last month and 7.66% last week. Technicals signal selling pressure while the technical oscillators indicate neutrality. The moving averages are also on the supporting sell side. It shows bearish dominance in the market.

Technical Analysis of Terra Crypto Price in 1-D Timeframe

Terra Price Forecast: Will LUNA Bounce back or Resume Downtrend?
Source: Terra.1D.USD by TradingView

At the time of writing, the Terra crypto (USD: LUNA) is trading below the 50 and 200-day simple moving averages, which indicates a bearish momentum. The current value of RSI is 40.40 points. The 14 SMA is below the median line at 41.87 points, which indicates that the Terra crypto is bearish.

The MACD line at -0.0408 and the signal line at -0.0423 are below the zero line. A bearish crossover is observed in the MACD, which signals more bearishness for the Terra crypto price.

Summary

The Terra price is trading below the key moving averages, showcasing bearishness on the daily chart. The price action shows the bear’s dominance over the buyers in the previous sessions. If the price is unable to sustain at its current levels, it might see the lower levels shortly.

Technical Levels

Support Levels: $0.6193

Resistance Levels: $0.8294.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions

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