Terra Classic (LUNC) has moderately recovered after a prolonged downtrend, currently trading around $0.00008500. The past 24 hours have witnessed LUNC attempting to regain upward momentum, although several technical challenges remain on the chart.
Exponential Moving Averages and Key Resistance Levels
The Exponential Moving Averages (EMAs) on the 1-hour chart indicate a potential struggle ahead for LUNC. The price is currently testing the 50-period EMA, which stands at around $0.00008451. While the initial recovery is promising, the overhead resistance from the 100-period and 200-period EMAs poses a significant challenge for the bulls. The 100-period EMA is positioned at $0.00008545, with the 200-period EMA at $0.00008669 acting as key resistance levels.
If LUNC manages to break above the 200-period EMA, it could spark a more significant rally. However, a pullback could be imminent if the price fails to overcome these moving averages, testing the lower support levels around $0.00008400.
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Positive RSI Divergence Signals Strengthening Bullish Momentum
The RSI divergence shows a value of 3.49, indicating that buying momentum may be building. This positive divergence is a bullish sign, suggesting that although LUNC has been moving sideways, buyers are starting to step in. Historically, such divergences often precede price recoveries, giving bulls hope for a short-term rally.
What to Expect in the Next 24 Hours
The next 24 hours will be critical as LUNC hovers around its key resistance levels. If bulls can sustain momentum and push prices above 50-period EMA, they could test a higher resistance of around $0.00008669. A successful breakout here would likely lead to a further rally.
However, traders should remain cautious. Failing to hold above the $0.00008500 support could trigger a downside movement, with potential retracements to the $0.00008300 or $0.00008200 levels.
