Terra Classic (LUNC) has had a remarkable few days, with a massive surge that began in late November. This surge, propelled by an unforeseen investment in its algorithmic stablecoin, USTC, saw LUNC erase one zero and easily smash through resistance levels.
While USTC’s initial parabolic surge has slowed, LUNC has maintained its momentum, refusing to be tethered down by temporary pullbacks. This resilience is seen by many as a sign of a larger bull run on the horizon for the cryptocurrency.
Read Also: Here’s the Major Reason Why Terra Classic (LUNC) Is Facing Downtrend Today
Historically, LUNC has exhibited a penchant for explosive growth, and recent price action echoes this intrinsic characteristic. As it approaches crucial resistance levels, the token could be poised to catapult itself to greater heights. While short-term bearish movement is possible, the bulls remain undeterred, fiercely defending each hard-won gain.
LUNC has shown tenacity, and any bearish movements can be considered as the token regrouping, with a bigger surge coming. With the digital asset’s behavior, many expect the massive surge to materialize, and we recently delved into LUNC’s potential market cap if it can reclaim the $1 price level. The potential market cap was estimated to be above $5 trillion, which is relatively impossible at least for now.
Terra Classic (LUNC) Future
Since the upswing began, LUNC has been trading within an ascending channel, a technical formation that creates bullish anticipation in the minds of seasoned investors. However, the Bollinger Bands are showing volatility.
Their initial expansion, followed by a subsequent contraction, hints at an initial period of turbulence, giving way to a more contained and controlled environment. This behavior, coupled with diminishing volume, paints a vivid picture of a potential squeeze, a coiled spring waiting to unleash its pent-up energy in a massive price surge.
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Read Also: Here’s What Terra Classic Market Cap Would Be When LUNC Hits $1
After failing to cross the $0.00028 resistance level, LUNC has dropped 15.45% in the last 24 hours, trading at $0.0001986. Although short-term bears are trying to secure minor profit, LUNC seems to have found support above the $0.00019 level.
If a further decline materializes, LUNC could also find support above $0.00017. However, this decline will not be maintained, as the Bollinger Bands point to an impending surge.
Before long, LUNC could leverage this burgeoning bullish pressure to obliterate the resistance levels at $0.00028 and $0.00031.
Meanwhile, ChatGPT, the leading AI chatbot, recently predicted that Terra Classic (LUNC) would cross $0.0003 by the end of December, which has boosted investor confidence in an upcoming breakout.
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