Over the last 24 hours, Terra Classic (LUNC) has encountered a wave of bearish momentum, pushing its price lower. Investors closely monitor the situation with technical indicators hinting at continued downside pressure. Let’s break down the recent price movement and the insights provided by the indicators.
LUNC Price Action Overview
The LUNC/USDT pair has dropped to $0.00011273, marking a decline of approximately 8.85% in the last 24 hours. The bearish sentiment is evident as the price trades below key exponential moving averages (EMAs). Currently, the 20 EMA is at $0.00012263, the 50 EMA at $0.00012905, the 100 EMA at $0.00012771, and the 200 EMA at $0.00013223. This alignment confirms a strong bearish trend, with short-term EMAs positioned below long-term EMAs.
The gap between the EMAs indicates increasing selling pressure. The price’s failure to reclaim the 20 EMA highlights the inability of bulls to regain control. This bearish crossover pattern has been a significant factor in suppressing upward momentum, and the continued divergence between the EMAs suggests limited recovery in the near term.
Related article: Price Analysis: JASMY Faces Downward Pressure as Sellers Dominate With a 6.72% 24-hour Decline – How Long Will This Last?
RSI Insights
The Relative Strength Index (RSI) divergence indicator shows a value of -11.96, reinforcing the prevailing bearish narrative. The market is oversold with the RSI trending in negative territory. However, this condition does not necessarily guarantee a reversal, as bearish trends often persist even in oversold regions during strong downward moves.
Support and Resistance Levels
The nearest support level lies at $0.00011000, a psychological and technical level that could attract buying interest. Conversely, resistance is expected at $0.00012000, where the 20 EMA aligns. A break above this resistance could encourage further bullish attempts, but a failure to reclaim this level will likely keep bears in control.
The bearish momentum in Terra Classic’s price suggests caution for traders and investors. The indicators point to sustained downward pressure, with resistance levels as key hurdles for any potential recovery.
