Terra Classic (LUNC) has struggled to maintain upward momentum in the past 24 hours. The 1-hour chart reveals a clear bearish sentiment, driven by the alignment of key moving averages (EMA) and a lack of strong buyer activity. LUNC continues to trade below critical resistance levels, suggesting that sellers maintain firm control.
LUNC Bearish Signals Intensify
The 20 EMA ($0.00011196) currently sits below the 50 EMA ($0.00011269), forming a short-term resistance that limits any potential bullish recovery. The 100 EMA at $0.00011325 and the 200 EMA at $0.00011437 further reinforce the bearish outlook. These exponential moving averages create a stacked resistance zone that has prevented the price from breaking out.
Source: TradingViewOver the past 24 hours, LUNC made a weak attempt to recover but was promptly rejected near the 20 EMA. It’s currently down by 2.49% in the last 24 hours. This rejection highlights a lack of conviction from buyers as trading volumes remain subdued. The bearish trend becomes more apparent when looking at the Relative Strength Index (RSI) divergence, which currently sits at -8.34. This negative reading indicates oversold conditions, though it has yet to trigger a reversal.
Related article: Terra Classic (LUNC) 24 Hours Price Analysis: Building Strength or Bearish Momentum Despite 4.68% Surge?
Support Levels Under Pressure
As of the time of writing, LUNC is trading at $0.00011074, just above its immediate support at $0.00011060. A break below this support could accelerate the sell-off, potentially driving the price to $0.00010800. Historically, this level has relieved buyers, but the current bearish momentum might overpower any rebound attempts.
For LUNC to reverse its trend, it must break above the 20 EMA at $0.00011196, which has acted as a ceiling for the price over the last 24 hours. Beyond this, the 50 EMA at $0.00011269 is the next hurdle, followed by the 200 EMA at $0.00011437. A sustained close above these levels would indicate that buyers are regaining control.
Further Outlook
The technical indicators paint a bleak picture for LUNC in the short term. Unless there is a surge in buying interest or a fundamental catalyst, the bearish momentum is likely to persist. Notably, traders should exercise caution and consider entering short positions while maintaining strict stop-loss levels. Long-term recovery hinges on LUNC’s ability to breach the 200 EMA and establish a foothold above $0.00011400.
The post 24 Hours Price Analysis: Terra Classic (LUNC) Faces Bearish Pressure Below Key Moving Averages, Declines by 2.49% appeared first on FXcrypto News.
