The past 24 hours have been turbulent for Terra Classic (LUNC) as the cryptocurrency faces significant selling pressure. The 1-hour chart indicates that LUNC’s price movement has been influenced by critical technical levels, with bulls struggling to gain ground. As of the most recent data, LUNC trades at $0.00008650, reflecting a minimal decline of 0.09%.
EMAs Define Key Resistance Zones
The price of LUNC is currently trading below key exponential moving averages (EMAs), which is an important signal of bearish momentum. The 20-EMA ($0.00008875) and 50-EMA ($0.00008906) are forming a zone of resistance that has kept bulls in check. Moreover, the 100-EMA ($0.00008889) and 200-EMA ($0.00008898) further strengthen this resistance zone, making any substantial upward movement difficult.
Traders closely watch these EMA levels, as breaking above them would be critical for any potential bullish reversal. However, as of now, LUNC remains trapped under this resistance and is facing significant headwinds.
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RSI Divergence Hints at Bearish Sentiment
The RSI divergence (5,14) presents another critical signal currently at -19.21. This negative divergence underscores the bearish sentiment dominating the market, with sellers maintaining control. The consistent red movement in the divergence highlights the weakening momentum for LUNC, signalling further downside potential if the trend continues.
Support Holds, but for How Long?
Despite the overall bearish picture, LUNC has managed to hold onto its support at $0.00008700. This level has been tested multiple times, showing its importance in maintaining the current price range. However, if selling pressure intensifies and LUNC falls below this support, it could trigger a larger selloff, with the next critical support level at $0.00008550.
Potential Scenarios for the Coming Hours
If LUNC bulls manage to break through the EMA resistance levels, we could see a bullish surge toward the $0.00008900 mark. However, as long as LUNC remains below the key moving averages and the RSI divergence remains negative, the bearish outlook will likely persist.