Terra Price Analysis: LUNA swiftly retraces to $31, set to continue higher?

TL;DR Breakdown Terra price analysis is bullish for today.LUNA/USD saw a quick spike to $31 earlier today.LUNA is likely to reverse back to the upside later today. Terra price analysis is bullish for today as the market set a new higher high earlier today before a quick spike lower over the past hours to retest the $31 support. Therefore, we expect LUNA/USD to rise later today and continue setting new all-time highs later this week. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded in the red over the last 24 hours. The market leader, Bitcoin, is down by 2.39 percent, while Ethereum is down by 3.18 percent. Meanwhile, Terra (LUNA) is among the best performers, with a gain of almost 9 percent. Terra price movement in the last 24 hours: Terra spikes above $33.5, retraces to $31 LUNA/USD traded in a range of $27.64 – $34.51, indicating strong volatility over the last 24 hours. The trading volume stands at $1.98 billion, up by 116 percent from yesterday. Meanwhile, the total market capitalization trades around $12.8 billion, resulting in a market rank of 12th place. LUNA/USD 4-hour chart: LUNA to hold the $31 support? On the 4-hour chart, we can see the Terra price action rapidly approaching the $31 support over the last hours. LUNA/USD 4-hour chart. Source: TradingView Terra price action has seen a substantial increase over the last month. From the last major swing low of $5.6, set on the 20th o...