Price Analysis: Terra Classic (LUNC) Shows Signs of Consolidation After Recent Selloff Despite a Decline of 1.68% in the Last 24 Hours

Terra Classic (LUNC) appears to be consolidating after enduring volatile price swings in the last 24 hours. While the bears have maintained control, the token shows some resilience, hinting at a potential reversal if momentum improves. Key indicators provide valuable insights into the ongoing market sentiment.

Steady Price Movement

LUNC opened the period at around $0.000129 and briefly tested resistance at $0.00013019 before retracing. The low of $0.00012862 highlighted the persistent selling activity in the market. As of now, LUNC trades marginally higher at $0.00012944, signalling indecision among bulls and bears.

The EMA Analysis points to ongoing consolidation. The 20-EMA at $0.00013062 continues to serve as an immediate resistance, while the 50-EMA at $0.00013122 stands as a secondary barrier. On the downside, the 100-EMA (cyan) at $0.00013212 and 200-EMA (blue) at $0.00013500 remain distant, suggesting that a strong bullish push would be required for any significant upward move.

Momentum and Divergence

The RSI Divergence indicator highlights mixed momentum. Currently at -2.5, it reflects a lingering bearish sentiment. However, slight positive spikes in the RSI suggest buyers are attempting to stabilize the price. If RSI divergence turns positive, it could be an early signal for a bullish recovery.

What to Watch: Key Levels

Resistance Levels: The 20-EMA at $0.00013062 remains crucial. If bulls can breach this level, LUNC could target the 50-EMA at $0.00013122.
Support Levels: Support is near $0.00012800 and holds strong. A breakdown below this level could intensify selling pressure and push LUNC toward $0.00012700.

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Conclusion

Terra Classic shows early signs of stabilization as buyers attempt to regain control. While bearish sentiment persists, a break above the 20-EMA could signal renewed bullish momentum. It is relevant to note that traders should closely monitor key support and resistance levels, as LUNC’s next move will depend on whether buyers can sustain upward pressure.

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.