Terra price continued to decline for three sessions after reaching an interim high of $90.00. The downside risk could increase if the weekly support of $65.28 is broken. However, the price could fluctuate between $72.0 and $78.0 until the market finds an equilibrium.
- Terra’s downtrend slowed down in today’s session.
- Double bottom support near $62.00 pushes the price into an uptrend.
- The higher lows on the daily chart indicate an underlying short-term uptrend.
The Fibonacci extension from the December 13 low is placed at $52.49, reaching a high of $103.50, which is also the yearly high of 2021. After that, the price fell. below the 50% Fibonacci retracement level at $66.80. MACD (Moving Average Convergence Divergence) trades just above the moving averages with a bearish crossover indicating the price of the token is coming down. Volume is up nearly 50% at $2,096,055,881 over the past 24 hours.
On the 4-hour chart, a rounded bottom near the low of $63.00 and its break above the horizontal resistance of $77.20 on January 12 indicates an uptrend. The token price hit a January 16 high at $87.85. However, LUNA once again lost control and retested the mentioned support. Now that Terra price is trading near a key level, the formation of a “hammer” candlestick pattern is being followed by a green candle. A fresh round of buying will occur if the next candle rises above today’s session high of $80.24. Volume remains supportive of price swings.
Talking about the support of technical indicators, RSI and MACD are expected to increase in the upcoming sessions.
On the downside, a failure to hold the psychological $77 level can immediately drop to the $68.20 horizontal support. Another favorable condition for sellers is a slide below the 20-hour SMA.