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Price Analysis: Terra Classic (LUNC) Finds Support Amidst Volatility Surging by 2.91% in 24-Hours – What’s Next?  

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Terra Classic

Terra Classic (LUNC) has been volatile over the last 24 hours, fluctuating prices between support and resistance zones. Despite recent pullbacks, LUNC has demonstrated strength by surging by 2.91%. However, key indicators suggest that LUNC may find stability in the short term.

EMA Analysis: Key Support Holds Strong

LUNC has been battling to stay above critical support levels, with the 200-EMA at $0.00008099 emerging as a strong floor for the asset. This moving average often represents long-term trends, and holding above this level indicates that LUNC still has some strength left in the market.

Source: TradingView

At the time of writing, the price is positioned at $0.00008333, slightly below the 20-EMA (red line), which stands at $0.00008386. The 20-EMA often signals short-term momentum, and trading below this line suggests that selling pressure may be mounting. However, the price is above the 100-EMA ($0.00008249), which acts as a crucial mid-term support. This sets the stage for potential consolidation if the 100-EMA continues to hold.

Read more: Jasmycoin (JASMY) Consolidates Below Key Resistance as $0.0202: 24-Hour Price Analysis

RSI Divergence Signals Potential Reversal

A closer look at the RSI Divergence on the chart shows a value of -1.96, indicating that bearish sentiment could dominate the market in the near term. The negative divergence points to weakening buying pressure, potentially foreshadowing a price drop if bears maintain control. Traders should watch for signs of divergence fading, which could suggest a reversal.

Next 24 Hours: Testing Support and Resistance

The next 24 hours will be critical for LUNC as it tests key resistance at the 20-EMA and finds support around the 100-EMA. If bulls manage to push the price back above $0.00008386, this could reignite short-term bullish momentum, potentially targeting the $0.0000840 resistance level. On the other hand, a breakdown below the 100-EMA could lead to a test of the 200-EMA at $0.00008099.

Traders should be prepared for potential volatility and carefully monitor these EMAs to confirm the next move. If LUNC fails to hold its ground above the 100-EMA, it may signal a deeper correction in the market.

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