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Terra Crypto Price Faces More Pressure: Is There a Bottom in Sight?

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Terra Crypto Price Faces More Pressure: Is There a Bottom in Sight?
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Terra crypto price fell on Thursday, losing a part of the previous day’s gains till now. The crypto faced selling pressure and might erase all of Wednesday’s gains by the session’s end.

Moreover, as observed on a daily chart, LUNA crypto price was in a free fall for the past six intraday sessions before forming a green candle on Wednesday. The crypto price respected a positive trendline support multiple times. However, the breakdown below which resumed the fall, took the price closer to its all time low. 

The bulls could not resume buying above yesterday’s high as the bears started trimming yesterday’s gains.

At the time of writing, the Terra cryptocurrency was at $0.587 with an intraday loss of 2.05%. Also, it has a market capitalization of nearly $376.01 Million after the intarday loss. The volume to market cap ratio is 9.11% suggesting mild volatility in the crypto.

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Terra Price Trend Analysis

The Analysis of the LUNA/USD crypto chart over the daily time frame shows that LUNA crypto maintained a positive outlook from mid November to December. The price traversed all the way from a low of $0.481 to a peak price of $1.25, thus gaining over 150% in just a couple of weeks.

The Terra crypto price reversed after failing to sustain above the 200-Day EMA. The price has been falling steadily since December 2023.

At press time, the price had reached the November lows and previous breakout zone, seeking help from the buyers to sustain at the CMP. Moreover, the price is just 55% away from smashing its all time low value.

Now, if the crypto breaks below the $0.55 level, more bloodbath may be observed on the charts. However, if the price manages to gain buyers’ trust and sustains above the recent support, then some upside retracement may be observed on the charts. 

At the time of writing, RSI was at 34.4 points and that of SMA line was at 40.03 points. Both the lines were hovering below the mean line suggesting a bearish outlook. 

Terra Price Prediction January 2024

Terra Crypto Price Faces More Pressure: Is There a Bottom in Sight?
LUNA/USD Chart by TradingView

The bearish outlook of the analysts shows that the price has more room to decline and drop to a low of 8.52 by the month end. The positive view of the analysts hopes that the price could reclaim the 20-Day EMA on the daily chart. 

Terra Price Prediction 2024

The price forecast for the year 2024 highlights that the LUNA token price could reach a high of $0.998, suggesting a potential gain of over 70.61. Moreover, the bearish outlook of the analysts hopes the price could reach $0.788 by the year-end.

Terra Price Prediction 2025

By the year 2025, the Terra price may attain $1.232 as the highest price. On the flip side, the minimum price up to which the crypto price may rise by the year 2025 is $0.928.

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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