Over the past 24 hours, Terra Classic (LUNC) has shown resilience despite fluctuations in market sentiment. Traders and investors watch the token closely as it navigates a volatile price movement, staying above critical support levels. The price action highlights the ongoing battle between bulls and bears, with key indicators hinting at potential market shifts in the coming hours.

Price Movement Overview

LUNC began the day with a slight upward movement, opening at $0.00008675. The token briefly surged to a high of $0.00008768 before retracing to its current price level of $0.00008760, showing a gain of 1.71%. However, the candlestick patterns suggest that bears have been attempting to take control despite a bullish push.

^{Source: TradingView}

The chart shows that LUNC is holding above multiple Exponential Moving Averages (EMAs), including the 20, 50, 100, and 200-period EMAs. The token’s price remains well above the 20-period EMA ($0.00008732), reflecting continued buying pressure. The 50-period EMA stands at $0.00008656, while the 100 and 200 EMAs are slightly lower at $0.00008587 and $0.00008505, respectively.

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EMA Analysis

The positioning of the EMAs signals a generally bullish outlook for LUNC. The 20-period EMA, serving as immediate support, indicates that buyers are still present in the market, preventing significant dips. The ascending order of the EMAs, with the shorter periods staying above the longer ones, reflects sustained momentum that could pave the way for further price gains if maintained. However, the recent drop from the daily high indicates a consolidation period might follow.

The Relative Strength Index (RSI) Divergence indicator shows a slight negative divergence, with the value at -1.76. This divergence typically indicates potential bearish sentiment creeping into the market, suggesting buyers might lose strength. This could lead to a minor price correction before the next rally, as the token might struggle to maintain its upward trajectory in the short term.

Conclusion

While Terra Classic (LUNC) maintains an upward trend for now, the RSI divergence and recent price rejection at the high indicate that traders should stay cautious. If LUNC continues to hold above the 20-period EMA, the outlook will remain positive, but any dip below the 50-period EMA could invite stronger bearish pressure. Investors should watch for any breakout or breakdown from current levels to gauge the token’s next move.

The post 24 Hour Price Analysis: Terra Classic (LUNC) Shows Resilience With 1.71% Gain Amidst Volatile Price Movement – What’s Next? appeared first on FXcrypto News.