Terra price analysis: LUNA bulls arrest sharp decline as price hovers near $29

TL;DR Breakdown Buyers initiated push after LUNA declined past the key support zone at $25Bearish signs still on the horizon that could push price lower by 67.1 percentCritical support level crucial to be maintained to consolidate uptrend momentum Terra price analysis shows that the cryptocurrency has had quite a dramatic 24 hours. After falling 15.38 percent to $27.22 just yesterday, LUNA bounced straight back as soon as price fell below the key support level at $25. The token is up around 14 percent since then to rise back just above the $30 mark as it looks to consolidate there. The buyer push was initiated once support was breached and the Relative Strength Index (RSI) fell below 20 to indicate an extremely undervalued status. However, the current trend could prove to be temporary resistance against the fall as price continues to dwindle between a wide range of $25 to $38 over the past week. Hence, consolidation above support levels near the current price remains crucial. Price action for LUNA followed a largely positive 24 hours for Altcoins in the larger cryptocurrency market. Ethereum went back past the $3,500 mark by moving up 3 percent, whereas Ripple, Cardano and Dogecoin showed increments of around 1 percent each. The biggest uptrend was observed in Solana, as it rose 7 percent to sit at $187. Bitcoin, however continued its decline from yesterday, falling another 1.5 percent to sit just above $46,000. Terra price...