In the last 24 hours, Terra Classic (LUNC ($0.00)) has struggled to maintain its position amid increasing bearish sentiment. With global market uncertainty and technical indicators aligning to show downward pressure, LUNC is testing key support levels. Traders are now assessing the likelihood of further losses as major resistance lines loom above. In this analysis, we will explore the technical outlook for LUNC, focusing on moving averages and RSI divergence.

LUNC Faces Strong Resistance at EMA Levels

The moving averages on the 1-hour chart present a clear picture of LUNC’s current struggle. LUNC is trading below the 20 EMA ($0.0008853), 50 EMA ($0.00088606), 100 EMA ($0.0009038), and 200 EMA ($0.0009049), reinforcing the bearish narrative. The proximity of these resistance levels indicates that any attempts at a short-term recovery will face immediate rejection unless buying pressure increases significantly.

^{Source: TradingView}

The steep decline over the past day reflects a shift in market sentiment as traders react to broader cryptocurrency market trends. Breaking above the EMAs is crucial for LUNC to signal any potential recovery, but the current setup suggests this is unlikely without a significant shift in momentum.

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RSI Signals Bearish Divergence 

The RSI divergence on the chart is currently sitting at -18.46986665, highlighting a clear bearish divergence. This suggests that the momentum is favouring the bears, with more downside likely to follow. Despite some brief periods of consolidation, the RSI shows no immediate signs of a reversal, reinforcing the outlook that LUNC could continue its downward trajectory in the short term.

The RSI’s performance aligns with the price action seen on the chart as selling pressure continues to dominate. Traders should monitor the RSI closely for any indication of a potential bottom, but the bearish signals remain intact for now.

Outlook: Potential for Further Declines 

Terra Classic faces a bearish outlook as it struggles against strong resistance from key moving averages. If LUNC fails to break above the EMAs, the price will likely continue downward. Traders should anticipate potential support retests around the $0.0008200 level, with the risk of a drop below this threshold if selling pressure increases.

For a bullish scenario to emerge, LUNC must break through the 20 and 50 EMAs, which could indicate a reversal. However, the current technical setup shows that bears are controlling the market in the short term, so traders should approach long positions with caution.

The post 24 Hours Price Analysis: Terra Classic (LUNC) Slides Under Bearish Pressure With a 11.06% Decline, Signals Further Downside appeared first on FXcrypto News.