24-hour Price Analysis: Terra Classic (LUNC) Prepares for Breakout as Buying Pressure Increases Despite 1.62% Decline

Terra Classic (LUNC) has been riding the waves of volatility but is positioning itself for a potential breakout. Over the last 24 hours, we’ve seen the coin trade within a narrow range, with buyers stepping in to defend key support levels. LUNC has been down 1.62% despite this step in the last 24 hours. Indicators such as the moving averages and RSI provide mixed signals, but overall buying pressure is gradually increasing. Will LUNC break through the current resistance, or will it retreat into lower territory?

EMA Alignment Shows Bearish Pressure, but Bulls May Be Lurking

The Exponential Moving Averages (EMAs) clearly show the prevailing market sentiment. Currently, the 20-hour EMA (red) at 0.00008137 is sitting below both the 50-hour (orange) and 100-hour (blue) EMAs. This alignment typically points to bearish momentum, and LUNC has been struggling to close decisively above these levels.

However, the price is flirting with the 200-hour EMA (blue) at 0.00008281, which has acted as a significant resistance point over the last trading sessions. A successful breakout above this EMA would likely propel LUNC higher, toward the 0.00008333 mark, as indicated by the 100-hour EMA. A failure to break above this level could result in a downward trend, potentially testing the recent support level at 0.00008137.

RSI Divergence Signals Increased Buying Pressure

While the EMAs signal caution, the Relative Strength Index (RSI) provides a more optimistic outlook. The RSI is currently at 15.51, indicating that LUNC is nearing oversold conditions. The green divergence on the RSI chart suggests that buyers are slowly coming back into the market, signalling a potential reversal in the short term.

If buying pressure continues to build, the RSI could climb higher, reinforcing the case for a bullish breakout. The key for traders is to observe the RSI; if it trends upwards toward 30 and beyond, LUNC could rally above its recent resistance levels.

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Conclusion

Overall, Terra Classic (LUNC) appears to be on the verge of a potential breakout. The EMAs still suggest some caution as they point to lingering bearish momentum, but the RSI divergence indicates that buying pressure is increasing. A move above the 200-hour EMA at 0.00008281 would confirm a bullish breakout, potentially pushing the price toward 0.00008333. However, if LUNC fails to overcome this resistance, it may retreat to lower levels, possibly testing support around 0.00008137.

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.