Terra Classic (LUNC) has been navigating a volatile trading environment over the last 24 hours, struggling to break free from a descending channel that has capped its upward momentum. The recent price movements indicate a tug-of-war between bulls and bears as the token attempts to recover from its recent declines. While there have been brief attempts at a reversal, the overall trend remains bearish as technical indicators suggest further downside potential.

Price Overview and Resistance Levels

The 1-hour chart shows LUNC trading within a well-defined downward channel while trading at 0.00008381, showing a 0.77% decline. Key resistance levels are around the $0.00008493 and $0.00008520 marks. The EMA ribbons (20, 50, 100, and 200) slope downward, reflecting the continued bearish pressure. Notably, the price is currently hovering around the $0.00008295 level, which coincides with the EMA 20, suggesting this zone could act as a near-term resistance.

Despite a few bullish attempts, LUNC has faced consistent rejection at higher levels, signalling that the bears are still in control. The price needs to decisively break above the $0.00008493 level to challenge the next resistance around $0.00009114. If successful, this could signal the start of a more sustained recovery.

Related article: Terra Classic (LUNC) Eyes Short-Term Reversal at $0.00007938 Amidst Downward Pressure; What’s Next?

Support Zones and Bearish Outlook

On the downside, the support at $0.00007926 and $0.00007982 has provided some stability. However, if these levels are breached, LUNC could slide further toward the channel’s lower boundary near $0.00007800. The bearish momentum is reinforced by the red EMA ribbons aligning with the falling channel, further indicating that sellers are firmly in control.

Conclusion

LUNC’s price action over the next 24 hours will depend on whether the bulls can muster enough strength to break out of the descending channel. Traders should monitor the key resistance levels at $0.00008493 and $0.00009114, as a successful breakout could signal a reversal. However, with the EMAs and channel trend pointing downward, the further downside remains the more likely scenario unless there is a surge in buying pressure. Bears remain in control, and LUNC’s recovery appears limited.