Terra Classic (LUNC) has been trapped in a tight consolidation phase within a bearish descending channel. The token’s price has attempted to push higher but remains constrained by multiple resistance levels that have proven difficult to overcome. Although the recent market action suggests a possible short-term recovery, LUNC remains vulnerable to further downside if the bears dominate the market.

Analyzing Current Price Action

LUNC is trading near the $0.00008295 level, which has acted as a pivot point for the token over the last 24 hours. The EMA 20 line is currently providing resistance, and the price is struggling to stay above this level. The descending channel, marked by the parallel red trend lines, has created a significant barrier to upward movement. To confirm a bullish reversal, LUNC would need to break out of this channel and move past the next resistance zone at $0.00008493 and $0.00008520.

The EMA 50, 100, and 200 lines slope downward, further solidifying the bearish outlook. These exponential moving averages (EMAs) have effectively capped any attempts by the bulls to reverse the downtrend. If the price reclaims the $0.00008520 level, it could spark a more sustained recovery, but the trend remains bearish.

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Key Support and Risk of Downside

Immediate support lies at $0.00007926, followed by $0.00007982. These levels have previously created a base for LUNC, but if the price breaks below them, it could trigger a further decline toward $0.00007800, aligning with the channel’s lower boundary. Bears continue to dominate the market, so traders should proceed with caution until LUNC shows signs of breaking out of this descending pattern.

The bearish cloud cover on the chart suggests that any upward movement might be temporary unless accompanied by a strong surge in buying pressure. The technical setup indicates that LUNC is still under bearish control, with the potential for another leg down if support levels fail to hold.

Outlook for the Next 24 Hours

LUNC’s immediate outlook is bearish, with the price likely to continue trading within the descending channel. Traders should monitor the support levels closely, as a break below could lead to a deeper correction. Conversely, a breakout above $0.00008520 would be the first sign of a potential reversal. However, given the current setup, the likelihood of a significant breakout remains low.