In the last 24 hours, Terra Classic (LUNC) has experienced a volatile price movement as traders struggle to stabilize the asset amid broader market selloffs. The one-hour chart reveals bearish momentum, with price action driven by negative sentiment and selling pressure. Currently, LUNC is trading at $0.00008650, representing a decline of 5.11%.

Downward Pressure as Bears Take Control

The price of LUNC attempted to break above the $0.00008800 level but faced significant resistance. The combination of the 20, 50, 100, and 200 Exponential Moving Averages (EMAs) reinforces the bearish outlook. The 20-EMA, represented by the red line, is currently at $0.00008875, and the 50-EMA (orange) is at $0.00008906, both of which act as immediate resistance levels. The 100-EMA (blue) and the 200-EMA (purple) are slightly higher at $0.00008889 and $0.00008898, respectively, creating a firm ceiling for any potential bullish breakout.

^{Source: TradingView}

Bearish RSI Divergence Signals Weak Momentum

Another concerning signal is the bearish divergence seen in the Relative Strength Index (RSI). The RSI divergence indicator (5,14) currently sits at -19.21, suggesting that sellers are gaining control over the market. The consistent red movement in the RSI divergence further supports the likelihood of continued downward momentum in the near term.

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As selling pressure mounts, the immediate support level at $0.00008700 is being tested. LUNC could see further losses if this level breaks, with the next major support at $0.00008550. The weakening of price action at the current levels suggests that bears may dominate in the coming sessions, dragging LUNC lower unless a strong reversal occurs.

What to Expect Next

For any bullish recovery, LUNC must break above the 20-EMA at $0.00008875 and maintain momentum to overcome the $0.00008900 resistance level. Until then, traders should prepare for potential downside movements, especially if the overall crypto market remains weak.

The post Price Analysis: Terra Classic (LUNC) Struggles to Maintain Stability Amid Market Selloff as it Declines by 5.11% in the Last 24 Hours appeared first on FXcrypto News.