TL;DR Breakdown
- Terra price analysis shows price receding 13 percent over the past 24 hours
- Price dropped more than 30 percent since reaching record high of $120.7 on April 6
- 24-hour trading volume went up by 124 percent to paint a bleak outlook for LUNA
Terra price analysis continues to show a massive bearish outlook on the daily chart as price dropped further 13 percent to move as low as $81.40. LUNA has been on a dismal run since recording the all-time high of $120.7 just 5 days earlier, and has since then declined more than 32 percent. The 24-hour trading volume for Terra recorded a significant 124 percent rise over the past 24 hours, which coupled with the price decline paints a bleak outlook for the token. It has also been tipped that Terra’s decline is correlated with that of Bitcoin, and only a Bitcoin rebound would help LUNA recover lost ground.
The larger cryptocurrency market bled significantly over the past 24 hours, led by Bitcoin’s surprise decline down to $39,500 after an 8 percent recession. Ethereum lost 9 percent in price as it moved below $3,000 for the first time in the month, while major Altcoins also suffered significantly. Ripple lost 10 percent to move down to $0.68, whereas Cardano and Dogecoin crashed 12 percent each to move down to $0.93 and $0.13, respectively. Solana and Polkadot also endured a 13 percent decrement each.
Terra price analysis: LUNA moves well below $90 support on 24 hour chart
On the 24-hour candlestick chart for Terra price analysis, price can be seen enduring a continuous decline since April 6, moving more than 32 percent down to the current level at $82.25. The decline over the past 24 hours took price well below the $90 support and the 50-day exponential moving average (EMA) at $97.84.
The relative strength index (RSI) is set at a lowly value of 38.23 and looks to be heading further downwards. The low RSI value paints a bleak sight for Terra’s market valuation, and coupled with the rising trading volume, technical indicators provide inference that the decline is set to continue. Furthermore, the moving average convergence divergence (MACD) signal line sits well below the neutral zone to record bearish highs.
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