Terra Price Sets New All-Time High At $37 (Drops 10%)- Buy LUNA Now

• Terra price sets new all-time high above $37 despite dropping 10% over the last 24 hours.
• A daily closure above the $35 psychological level should bolster LUNA to discover new highs above $40.
• A slide below the $32 level will push Terra downwards towards the 20-day SMA.

Terra went against the bearish sentiment over the weekend to set a new all-time high (ATH) around $37.61. Over the last two weeks, the LUNA price has rallied approximately 117% from $17.31 on August 16 to the Sunday August 29 ATH above $37. The retreat that started August 20 pushed the Terra price to an intraweek low of $25.74 on Thursday August 26 allowed more investors to buy the dip, adding momentum to the bullish bias.

Terra Price is in a Strong Uptrend

Despite LUNA/USD price trading in the red for a second day and dropping by almost 10% over the last 24 hours, it still remains in a strong uptrend.

After days of displaying a sideways market action, Terra found support at $26.68 currently embraced by the 20-day Simple Moving Average (SMA). Bouncing off this support wall on August 27, LUNA rallied 40% to trade a new record highs at $37.61 on Sunday. This is an indication that the sentiment remains bullish.

LUNA/USD Daily Chart

The position of the Relative Strength Index (RSI) into the overbought zone at 72.02 indicates that he bulls have the upper hand validating LUNA’s bullish bias. In addition, the upsloping averages and the upward movement of the Moving Average Convergence Divergence (MACD) indicator add credence to this positive outlook. Note that the MACD retracted from sending a sell crypto signal on August 27 and remained above the signal line and way above the zero line in the positive region. This indicates that the bulls are in control of the Tera price, a situation that is likely to continue in the near-term.

Note that the bullish thesis will be validated further if LUNA closes the day above the immediate resistance at the $35 psychological level. If this happens, Terra could rice above the ATH at $37.61 to discover new highs above the $40 psychological level.

On the downside, the upper wick on today’s bearish candlestick is an indication that bears are getting more and more aggressive, perhaps due to profit taking at the current price.

At the time of writing, LUNA/USD is exchanging hands at $33.19 and sits on immediate support provided by the $32 psychological level. Therefore, if bears manage to pull for a daily closure below this level, the Terra price could drop to the $29.35 support wall with the next logical move being towards the 20-day SMA at $26.68

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