Terra Classic (LUNC) has shown a modest recovery over the last 24 hours, as buyers re-entered the market following a prolonged downtrend. The price action demonstrates bullish divergence in the RSI, hinting at a potential reversal. However, the coin still faces significant resistance levels that could impede further growth. Let’s analyze the indicators and trends shaping the LUNC market.
Price Movement and Key Support Levels
LUNC started the day at approximately $0.00010002, showing signs of stabilization after dipping below $0.00010 during the recent bearish spell. The price touched an intraday low of $0.00009800 but rebounded to $0.00010180, indicating buyers are starting to regain confidence.
Source: TradingViewKey support levels for LUNC remain at $0.00010 and $0.00009500. These levels have historically provided a floor for price action during sell-offs. Any drop below $0.00009500 could lead to an extended downturn.
EMA Analysis
The exponential moving averages (EMAs) highlight bearish sentiment dominating the market. The 20 EMA ($0.00010212) is below the 50 EMA ($0.00010859), and both are below the 100 EMA ($0.00011557). This alignment reflects a clear downward trend, with the 200 EMA ($0.00012325) acting as a long-term resistance. For LUNC to regain its bullish trajectory, the price must first surpass the 20 EMA and establish support above it.
Related article: 24Hours Price Analysis: Jasmycoin (JASMY) Faces Continued Downtrend, Tumbles by 20.58% – Oversold Indicators Offer Hope
RSI Divergence Signals Optimism
The RSI Divergence indicator has flipped into the green zone, with a value of 13.73. This shift marks a bullish divergence, suggesting that selling pressure is easing and buyers are regaining control. The RSI indicates a potential momentum shift that could drive prices higher, but traders should watch for confirmation in price action.
Conclusion
Terra Classic’s rebound above $0.00010 offers hope for traders seeking a bullish turnaround. However, with multiple EMA resistances overhead, caution is warranted. A decisive breakout above the 20 EMA could pave the way for further gains, while failure to hold above $0.00010 might trigger renewed selling pressure.
The post LUNC Price Seeks Stability Despite Showing 7.11% Decline Amid Bullish RSI Divergence: Is a Breakout on the Horizon? appeared first on FXcrypto News.
