Terra Classic Faces Early-Week Bearish Pressure Despite 24 Hours 1.89% Increase as New Trading Week Begins

As a new trading week kicks off, Terra Classic (LUNC) finds itself grappling with short-term downward pressure. Despite this, LUNC is still on a 1.89% surge in 24 hours. The token is trading around $0.00009634 after a recent rally and subsequent consolidation. Technical indicators suggest a cautious outlook, with the Exponential Moving Averages (EMAs) and Relative Strength Index (RSI) pointing toward a potentially bearish sentiment. Traders are watching closely to see how LUNC will fare as the week unfolds.

EMA Overview: Short-Term Resistance and Support

The EMA indicators reveal significant insights into LUNC’s price action as the new trading week begins.

20-EMA: LUNC is currently trading below the 20-EMA, which stands at $0.00009772. This suggests short-term resistance and any upward movement is likely to face selling pressure around this level.
50-EMA: The 50-EMA provides immediate support at $0.00009625. LUNC could be on track for further declines if this support is breached.
100-EMA and 200-EMA: If bearish momentum increases, traders will look to the 100-EMA at $0.00009398 and the 200-EMA at $0.00009110 as key support levels. These zones are crucial in stabilizing LUNC’s price should the sell-off continue.

The narrowing distance between the shorter and longer EMAs signals that a bearish crossover could be on the horizon. Should this occur, LUNC could experience more downward pressure.

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RSI Signals Weakening Momentum

The RSI Divergence is currently showing a reading of -12.4447, signalling weakening buying power. This negative divergence between price and RSI suggests that the bears are in control as the week starts. Without a reversal in momentum, LUNC may struggle to gain bullish traction. As reflected by the RSI, the market sentiment is pointing to a cautious stance as traders assess whether LUNC can recover or if further consolidation is likely.

Conclusion

As the trading week progresses, LUNC’s price action will depend heavily on how it interacts with the key EMA levels. The 50-EMA remains an important line of defense, but a break below could accelerate selling pressure. The bearish RSI divergence adds to the cautious outlook, signalling weak momentum for buyers. With no immediate catalysts in sight, LUNC could continue to consolidate or potentially test lower support levels.

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.