The first Monday of October saw the cryptocurrency market lurch into action, albeit a mixed one. Some cryptocurrencies tried riding the bull while most suffered under the bear’s brunt. As Bitcoin took a hit on October 4, some altcoins had found a way to circumvent the red path.
One altcoin surpassing all expectations this week was Terra with rapid ascensions on the hourly and daily timeframes. At press time, Terra was trading for $46.32 while holding a market cap of $18.162 billion. The cryptocurrency’s 6.56 percent growth in the 24-hour spectrum allowed it to head towards the top 10 club. Right now, Terra’s market cap was still a whopping 10 billion behind its counterpart Dogecoin.
Terra 1 hour:
Luna’s hourly changes had become positive towards the end of September as the successive price action sided with the bull. The immediate support was clocked at $33.6 after which the cryptocurrency charted unknown territories. After hitting its ATH on Monday, the cryptocurrency continued to register consecutive red candles.
Bollinger bands: Both the bands diverged from each other after the price action reversal. Till the change, the large Bollinger cloud was indicative of the large change in Terra’s price point.
Parabolic SAR: The immediate markers shifted to the top of the price candles after holding a significant ground under them earlier. Terra’s investor sentiment had shifted towards the negative, a marker for a slight dip in prices.
Relative Strength Index: After the formation of the red candles, the RSI dipped sharply towards the halfway line. Despite this, Terra’s buying pressure was more than its selling pressure.
Terra 1 day:
Long-term performance was indicative of the surge that can be attained by the altcoin ecosystem. After being near the $4 mark in August, Terra was now cruising at the $40 mark.
Parabolic SAR: The markers were below the price candles as Terra continued to achieve long-term milestones. Strong investor sentiment was crucial to the sustained growth of a nascent altcoin.
Relative Strength Index: Terra’s RSI shot up after its latest surge with swathes of new investors entering the market. The continued trust shown by the holders was evidenced on the graph.
Bollinger bands: Just line its hourly counterpart, both the bands diverged from each other here too. The expected Bollinger cloud can be a marker for positive price actions yet to come. fds