Terra price analysis: LUNA breaks above $50, what’s next?

Terra price analysis for February 4 comes with a bearish trajectory for the token as LUNA aims to turn $50 into a support level. It is also important to note that the world’s 9th biggest cryptocurrency now aims to breach the resistance present at $51. As per our Terra price analysis for January 30, LUNA broke below $50 and has been bearish since then. 

On the other hand, the crypto market was green today, as seen in our Bitcoin price analysis for February 4. The data from CoinMarketCap shows that the trading volume of LUNA declined 1.14% in the last 24 hours, followed by a 7% rise in the market cap. It seems that LUNA is aiming to regain the lost support levels. 

It is also to be noted that as per our Polkadot price analysis for February 4, DOT and LUNA might soon start their fight for the 9th position in the crypto market. Furthermore, the daily candle for February 4 was initiated at a price of $51.14 and reached a daily high of $51.99. However, the token from these price levels to the daily low of $50.19.

Terra price analysis on the daily chart

Terra price analysis on the daily chart shows that the LUNA token might need some manpower to break above $51 resistance. In the chart below, it is clear that the token is aiming to breach the middle zone of the Bollinger Bands. If successful, LUNA might make its way towards $60.

Source: TradingView

The RSI indicator shows that selling pressure is dominating the buyers, and it is possible that LUNA bears might slay the bulls if buying volumes do not surge.

Source: TradingView

Conclusion

As per our Terra price analysis for December 3, LUNA entered the list of top 10 cryptocurrencies by market cap. However, it is also to be noted that despite the issues between the SEC and Terraform Labs, which TheCoinRise reported, the token has been performing quite well in recent months.