The Terra Classic (LUNC) market is witnessing a phase of consolidation, leaving investors to speculate on the next significant move. Analyzing the 1-hour chart, a delicate balance between bullish and bearish sentiments is evident. The next 24 hours could be crucial for LUNC as it hovers within a narrow range, teetering between a potential breakout and further consolidation.
Support and Resistance Levels
LUNC is trading within a tight channel, currently priced at $0.00007020. The chart reveals key resistance at $0.00007208, which LUNC has struggled to surpass. This level aligns closely with the 200-hour Exponential Moving Average (EMA), marking it as a significant hurdle for the bulls. A successful breach could propel the price towards the $0.00007500 zone, offering a potential upside.
On the downside, the 100-hour EMA provides support around $0.00006888. If LUNC fails to maintain this level, it could drop towards the next support at $0.00006857. A breakdown below this level might trigger a bearish trend, pushing the price towards psychological support at $0.00006500.
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Moving Averages and Trend Channels
The chart shows LUNC moving within a slightly ascending channel, with price action respecting the boundaries. The 20-hour EMA, which currently stands at $0.00007008, is acting as immediate support, while the 50-hour EMA at $0.00007056 is offering resistance. This squeeze between moving averages indicates a potential breakout in either direction.
The upward trend channel, despite being narrow, suggests that bullish momentum could be brewing. If the price stays within the channel and moves closer to the upper boundary, it may signal a continued uptrend.
Conclusion
In the next 24 hours, Terra Classic’s price movement will likely depend on its ability to break through the resistance at $0.00007208 or hold above the support at $0.00006888.
