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Terra Classic (LUNC) has notably recovered in the past 24 hours, testing key resistance levels and attempting to break out of its downward trend. Despite some bearish indicators, bulls remain active, striving to push the price higher. Indicators like the Exponential Moving Averages (EMAs) and RSI divergence, provide a detailed analysis of recent movements and what traders should expect next.
Analyzing Key Price Levels: EMA Trends Indicate Bullish Recovery Attempt
The LUNC chart highlights a significant price increase, with LUNC testing resistance at the psychological 0.00009000 level. The 20-period EMA (0.00008845) and 50-period EMA (0.00008696) show upward movement, indicating that bulls are attempting to reclaim market control. The price has managed to stay above these short-term EMAs, which could signal the beginning of a bullish reversal if sustained.
Source: TradingViewThe 100-period EMA (0.00008652) has also been tested and broken, reinforcing the possibility of further gains. However, the 200-period EMA (0.00008698) remains a critical level that LUNC needs to surpass for the uptrend to continue. Bulls must maintain momentum to challenge this level, which has proven to be a formidable barrier recently.
Read article: 24 Hours Price Analysis: Jasmycoin (JASMY) Begins Rebound as Buyers Enter Around Key Support Levels at $0.0178 Region
RSI Suggests Overbought Conditions
Despite the positive momentum, the RSI divergence indicator shows warning signs of overbought conditions. The current RSI value of -7.96 signals the market may be due for a correction. This negative divergence suggests that while the price is attempting to rise, underlying momentum may be fading, and a pullback could be imminent if buyers fail to hold support.
Traders should remain cautious, as overbought conditions often precede sharp price drops. Failure to break and sustain the price above 0.00009000 could lead to a sell-off, driving the price back toward the support levels provided by the 50—and 100-period EMAs.
Market Outlook and Key Levels to Watch
In the next 24 hours, bulls must focus on maintaining price levels above 0.00008800 and pushing past 0.00009041 to solidify a bullish trend. A breakout above the 200-period EMA would signal a shift in sentiment, potentially leading to further gains. Conversely, failure to do so may invite bearish pressure, pushing LUNC back toward lower support zones around 0.00008600.
As the market grapples with these key levels, the RSI divergence will be crucial in determining whether a continued bullish run or a deeper correction is likely.
The post Price Analysis: Terra Classic (LUNC) Bulls Show Resilience Despite Overbought Conditions, Surges by 3.88% in 24 Hours appeared first on FXcrypto News.
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