Terra (Luna) Price Analysis: Bulls Struggle Near $60.00

Terra’s (Luna) price trades higher with modest gains on Thursday in the US session. After opening higher, the price dragged sharply but recovered swiftly to the day’s high. Terra remained pressure near the day’s high at $61.62.

• Terra (Luna) gains on Thursday bucking the previous session’s falls.
• Expect more downside below a decisive break of the $52.50 horizontal support line.
• Bulls fail to sustain a $70.00 psychological level.

At the press time, LUNA/USD trades at $59.70 with 1.57% gains for the day. The current market cap is at $24,341,969.057 with a 24-hour trading volume of $2,630,700,402 recording a rise of 5.62%.

Terra (LUNA) looks vulnerable at the current levels

Technically speaking, Terra (Luna) has been trading lower since December 27 from its all-time highs at $103 and lost 46% in its value. Even at the current levels, the bulls are still struggling to hold their feet.

The daily relative strength index (RSI) reads at 36.0, which indicates the sellers continue to liquidate their holdings. Another momentum oscillator, the Moving Average Convergence Divergence (MACD) trades below the midline indicates the bearish outlook for the pair to continue at least in the short term.

The ascending trend line from the lows of $37.84 has been tested on January 21 and is finally broken down. The sellers expected a massive downside movement from here but the price remained consolidated here. Now, a daily close below the low of the session could see the continuation of the prevailing trend.

The first downside target could be found at the $52.57 horizontal support zone, the levels last seen in November. Furthermore, Terra could face the lows of November 28 at $42.20.

On the flip side, if the next day’s candle opened higher and trades above today’s high then $70.00 could be easily taken out.