Market Overview for Terra/Tether (LUNAUSDT): Volatility and Bearish Momentum on 24-Hour Analysis

Summary
• Price dropped sharply from $0.24 to $0.20, with key support at $0.19–$0.20.
• RSI and MACD signal oversold conditions, hinting at short-term reversal potential.
• Volume spiked during the downward move, confirming bearish pressure.
• Bollinger Bands show price near the lower band, indicating high volatility.
• A potential bullish engulfing pattern formed around $0.201, suggesting a possible bounce.

The Terra/Tether (LUNAUSDT) pair opened at $0.2382 at 12:00 ET–1 and closed at $0.1939 by 12:00 ET. The 24-hour range extended from a high of $0.2479 to a low of $0.1825. Total notional turnover amounted to approximately $143,919,932 on a volume of 749,981,403 units.

Price action over the 24-hour window was marked by a sharp bearish move from the mid-$0.23 level down to the $0.20–$0.19 range. The breakdown of the $0.22–$0.23 resistance zone, followed by a test of the $0.20–$0.21 support, suggests growing bearish sentiment. A bullish engulfing pattern formed around the $0.201–$0.205 level, indicating potential buying interest.

Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) both signal oversold conditions in the final hours, suggesting a possible short-term reversal. Volatility, as measured by Bollinger Bands, increased, with price sitting near the lower band, highlighting the aggressive sell-off.

Volume spiked during the decline, validating bearish momentum, but has since eased as price consolidates near $0.1950. Fibonacci retracement levels suggest that a bounce from the 61.8% level at ~$0.21 could face resistance at ~$0.23.

Over the next 24 hours, a retest of the $0.21–$0.22 area may occur, with a bullish move contingent on volume confirmation and a breakout above $0.215. Investors should remain cautious of potential further downside if key support levels at $0.19 break.