The Terra price analysis is bullish for January 12, 2022. The token has seen incredible growth in 2021 but is currently 27.34% low from its all-time high at $103.33.
The Terra (LUNA) token entered the list of the top 10 biggest cryptocurrencies by the market as covered by TheCoinRise in a previous report. As per the data from CoinMarketCap, the current rank of the token is 9, with a market cap of $26.8 billion, up by 4.13% in the last 24 hours.
Despite the involvement of Terraform Labs with the SEC, which TheCoinRise covered in December, the token has shown no signs of stopping.
The daily candle on January 12 started at $73.48 and rose as high as $75.99. The daily low stands at $72.46.
Terra price analysis on the daily chart
The Terra price analysis on the daily chart sings a different tune for the token. After reaching the all-time high, the token turned bearish and went as low as $62.46 on January 8.
Currently, the token is progressing in the lower end of the Bollinger Bands, trying to move above, but the volumes don’t support such movement. On the other hand, the 50-day Moving Average as well as the 100-day Moving act as support.
The MACD indicator shows that the chances of the token breaking the resistance at $76 are very high. As seen in the chart below, the volume is very low following by a quite bearish MACD histogram.
Furthermore, the MACD line (blue) and the signal line (orange) are very far apart, with the latter prevailing above the former. This supports our bearish short-term analysis. Although the token is up by 4-5% in the last 24-hours, indicators are still bearish
From the readings of the indicators, our Terra price analysis confirms that the volumes are not high enough to facilitate the breaking of the resistance at $76. Furthermore, almost all the indicators are bearish.
However, the Terra network is still widely popular with plenty of firms as recently, Chiron Partners launched a $50 million fund for the ecosystem.
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