Terra Price Analysis: LUNA makes another spike lower overnight, finds support at $24

TL;DR Breakdown Terra price analysis is bullish for today.LUNA/USD saw another spike lower overnight.After a quick test of $24, LUNA started to recover this morning. Terra price analysis is bullish for today as the overnight spike lower has resulted in a strong rejection from the $24 support. Therefore, we expect LUNA/USD to keep moving higher later today and recover more of the loss seen 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 2.5 percent, while Ethereum is down by 4.73 percent. Meanwhile, Solana (SOL) is the worst performer, with a loss of almost 8 percent. Terra price movement in the last 24 hours: Terra spikes to $24 LUNA/USD traded in a range of $24.02 – $29.36, indicating significant volatility over the previous 24 hours. Trading volume has decreased by 23.83 percent and totals $1.405 billion, while the total market cap trades around $11 billion, ranking the coin in 14th place overall. LUNA/USD 4-hour chart: LUNA ready to reverse? On the 4-hour chart, we can see the Terra price action starting to recover, indicating further upside will follow later today. LUNA/USD 4-hour chart. Source: TradingView Terra price action has traded in a strong bearish momentum over the past week. A new major swing higher high was set after a rapid advance to the $45 mark earlier this month. However, bulls became ex...