As a new trading week kicks off, Terra Classic (LUNC ($0.00)) finds itself grappling with short-term downward pressure. Despite this, LUNC is still on a 1.89% surge in 24 hours. The token is trading around $0.00009634 after a recent rally and subsequent consolidation. Technical indicators suggest a cautious outlook, with the Exponential Moving Averages (EMAs) and Relative Strength Index (RSI) pointing toward a potentially bearish sentiment. Traders are watching closely to see how LUNC will fare as the week unfolds.

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EMA Overview: Short-Term Resistance and Support

The EMA indicators reveal significant insights into LUNC’s price action as the new trading week begins.

• 20-EMA: LUNC is currently trading below the 20-EMA, which stands at $0.00009772. This suggests short-term resistance and any upward movement is likely to face selling pressure around this level.
• 50-EMA: The 50-EMA provides immediate support at $0.00009625. LUNC could be on track for further declines if this support is breached.
• 100-EMA and 200-EMA: If bearish momentum increases, traders will look to the 100-EMA at $0.00009398 and the 200-EMA at $0.00009110 as key support levels. These zones are crucial in stabilizing LUNC’s price should the sell-off continue.

^{Source: TradingView}

The narrowing distance between the shorter and longer EMAs signals that a bearish crossover could be on the horizon. Should this occur, LUNC could experience more downward pressure.

RSI Signals Weakening Momentum

The RSI Divergence is currently showing a reading of -12.4447, signalling weakening buying power. This negative divergence between price and RSI suggests that the bears are in control as the week starts. Without a reversal in momentum, LUNC may struggle to gain bullish traction. As reflected by the RSI, the market sentiment is pointing to a cautious stance as traders assess whether LUNC can recover or if further consolidation is likely.

The post Terra Classic Faces Early-Week Bearish Pressure Despite 24 Hours 1.89% Increase as New Trading Week Begins appeared first on FXcrypto News.