Terra Classic (LUNC) is facing mounting bearish pressure after a volatile 24-hour trading session that saw its price slide from intra-day highs to test a crucial support zone. As of the latest update, LUNC trades at approximately $0.00006731, reflecting a slight decline of 0.38% within the period. While the broader trend remains cautiously bullish, the short-term indicators are hinting at a possible shift in sentiment.
Price Movement Overview
Over the past two weeks, LUNC displayed strong upward momentum, surging from under $0.00005800 on July 7 to nearly $0.00007700 on July 21. However, the rally has started to lose steam, and the price has now pulled back from its recent peak. The current retracement marks the first clear attempt by bears to reclaim control, and the next few sessions will determine if this is merely a healthy correction or the beginning of a broader trend reversal.
Exponential Moving Averages Show Mixed Sentiment
LUNC’s price has just dipped below the 20 EMA (red line at $0.00006850) and the 50 EMA (orange line at $0.00006879), both of which acted as dynamic resistance in the last few hours. The inability to hold above these levels suggests fading bullish momentum in the short term.
Meanwhile, the 100 EMA (cyan) is currently positioned at $0.00006801 and is being tested as support. A breakdown below this line could accelerate downside movement, putting the next support level — the 200 EMA (blue at $0.00006631) — in focus.
Price Action Suggests Cooling Momentum
Price action from July 18 through July 21 showed higher highs and higher lows, a structure typically bullish in nature. However, today’s pullback has broken that pattern, with a lower high forming near $0.00007200 and a lower low already printing near $0.00006680. This indicates that momentum is shifting, and bulls must act quickly to prevent a deeper slide.
Traders should monitor how LUNC reacts around the 200 EMA. If buyers manage to defend this level, a potential rebound toward $0.00007000 may be on the cards. However, a sustained drop below it could trigger a selloff toward the $0.00006400 region, where historical support lies.
Volume and Market Behaviour
Although trading volume has remained moderate, it has not matched the levels seen during previous rallies. This divergence between price movement and volume adds weight to the idea that the current retracement may evolve into a short-term consolidation phase or minor correction. Until volume confirms a breakout or breakdown, traders should remain cautious.
Conclusion: Bulls Must Reclaim Key EMAs
In summary, Terra Classic’s bullish trend is under threat as price tests critical moving averages from above. The 24-hour chart highlights early signs of bearish pressure, but the battle is not yet lost for bulls. A bounce from the 200 EMA could restore confidence and push LUNC back toward previous resistance zones.
For now, traders and investors should keep a close eye on the $0.00006630 to $0.00006850 range. This zone will likely determine the asset’s next major move, be it a recovery back toward $0.00007200 or a deeper retracement toward the lower $0.00006 territory.
