24-hour Price Analysis: Terra Classic (LUNC) Bulls Fail to Gain Traction Despite Brief Surge of 3.04%– Will This Resistance Hold?

Despite a brief rally earlier in the last 24 hours, Terra Classic (LUNC) has struggled to gain sustained bullish momentum. The token is currently trading at $0.00008780, reflecting a 3.04% increase. Still, the overall technical indicators point to an ongoing bearish bias that could limit further upward movement.

Moving Averages Indicate Potential Resistance

A closer look at the Exponential Moving Averages (EMA) shows mixed signals. While LUNC is trading above its 20-period EMA at $0.00008681, it remains below the critical resistance at $0.00008817, which has acted as a barrier for bulls throughout the day. The 50-period EMA at $0.00008522 is offering some support, but LUNC may still face challenges pushing through higher resistance levels.

The 100-period EMA at $0.00008424 and the 200-period EMA at $0.00008345 serve as stronger support levels, indicating that these points could stabilize the token if the price reverses. However, a break below the 50-period EMA could trigger a more significant decline, sending LUNC toward lower support zones around $0.00008300.

RSI Continues to Flash Bearish Divergence

The Relative Strength Index (RSI) Divergence (5,14) is flashing negative at -3.00, indicating that bearish momentum is still in control. Despite the slight price uptick, this divergence suggests that traders should remain cautious, as the token could be heading for another round of selling pressure if the RSI doesn’t improve soon.

This bearish divergence signals that the market may not yet be ready for a bullish breakout, and the current price action could merely be a temporary bounce rather than the start of a new trend.

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LUNC Price Forecast for the Next 24 Hours

Given the current technical setup, the next 24 hours could be crucial for LUNC. A push past the immediate resistance at $0.00008817 could pave the way for further gains, with the next target set at $0.00008900. Conversely, if the price fails to hold above the 20-period EMA at $0.00008681, we could see LUNC revisit the $0.00008522 support level.

The bearish RSI divergence, combined with the resistance posed by the moving averages, suggests that LUNC may have challenges sustaining any significant rally.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.