terra

At a time when several altcoins witnessed a freefall in response to Bitcoin’s dump, Terra [LUNA] emerged as one of the few tokens that have managed to hold its ground above the immediate support area.

LUNA has been trending higher since June this year and has recorded an impressive bullish streak at the beginning of this month after a brief halt. It was now the 11th-largest crypto asset by market cap. Its weekly gains stood above 13% despite corrections.

Over the past 24-hours, Terra [LUNA] experienced a minor pullback of 1.29% and traded at $36.60. At the time of writing, the digital asset recorded a market cap of $14.67 billion and a 24-hour trading volume of $1.51 billion.

Terra [LUNA] Daily Price Chart:

Terra’s [LUNA] trading volume has successfully backed the uptrend. The moving averages aligned with the bullish impetus and were hovering below the LUNA price candles. The 100 DMA [Blue] recently underwent a bullish crossover with the 200 DMA [Yellow], which led to an 85% price surge in a period of three days. The upsloping moving averages depict an advantage to the bulls. The volatility in the market is consistent, which can extend the price higher in the near term.

In short, the overall trend is optimistic even as the broader market is under pressure.

The closing green candles of Awesome Oscillator [AO] appeared to be increasing in size and indicated a rising bullish momentum in the market, which could mean that traders are buying on dips. The dotted markers of Parabolic SAR aligned below the LUNA candlesticks also rose optimism. But the bearish divergence on the daily Relative Strength Index [RSI] signaled caution as sellers look for dominance.

The immediate resistance for Terra stood near the recently established ATH of $43.4. The support points of the token, on the other hand, were found to be at $27.9, $24.7, and $15.5, respectively.

Terra [LUNA] is one of many layer one blockchains that has witnessed a significant uptick over the last few weeks. In fact, since the market-wide May crash, LUNA has registered gains of more than 737%. However, after an incredible run-up to an all-time high near $35, the crypto asset appeared to have switched to a consolidation mode. Additionally, the crypto-asset also dropped two positions lower on the leaderboard and was now ranked as the 14th-largest by market cap.

Owing to the bullish halt, Terra [LUNA] was being traded at $29.11 after declining by 12.62% over the past 24-hours. At the time of writing, the digital asset recorded a market cap of $11.69 billion and a 24-hour trading volume of $1.76 billion.

Terra [LUNA] Daily Price Chart:

The increasing volume in the LUNA market has managed to uphold the forward marching trend. Additionally, the diverging Bollinger Bands [BB] depicted an increase in volatility in the market which can boost the price of the digital asset to move north.

The moving averages hovering below the LUNA candles also indicated an optimistic outlook as the gauge between the 50 DMA [Pink] and the 200 DMA [Yellow] increased after undergoing a Golden cross in the first week of August.

The falling Chaikin Money Flow [CMF] did not display a promising trend for LUNA, instead showed a rapid outflow of capital from the coin market. The Stochastic RSI was on the verge of a bullish crossover and a bounce from the oversold region. The Relative Strength Index [RSI], on the other hand, maintained its position above the 70-region near the overbought zone indicating buyers have an upper hand in the crypto-asset market.

The above technicals demonstrated that Terra’s trends were undecisive as consolidation continued. To climb higher, the crypto-asset needs to breach the recently hit ATH near $35. Meanwhile, the support points were found at $22.17, $14.2 and $11.8 respectively.