Terra Classic (LUNC), the original token of the collapsed Terra blockchain, has been exhibiting technical indicators that suggest a potential for a significant price rally.
Crypto analyst Javon Marks (@JavonTM1) recently shared his analysis on X, outlining a bullish pattern that could lead LUNC to surpass its current price by over 1000%.
Marks’ analysis identifies a bullish pattern within the LUNC price chart, which he believes signals a potential continuation of the token’s upward trend. This continuation could see LUNC reach a first target of $0.00058046, representing a more than 414% increase from its price of $0.0001089 at the time of his analysis.
However, Marks suggests that this initial target might be conservative. He points to a previous breakout and subsequent price run experienced by LUNC, indicating the possibility of surpassing multiple resistance levels. This scenario would result in a more substantial price increase, potentially exceeding $0.00139122, a staggering 1134% upswing from the current price.
This recent analysis from Marks is an update to a previous prediction he shared on April 4, 2024. At the time, he identified LUNC as technically bullish and anticipated a “massive continuation” towards a target of $0.00058046. While the price did exhibit some upward movement, it hasn’t reached the target yet.
Terra Classic (LUNC) Revival
LUNC’s surge comes as a surprise to many considering the token’s tumultuous past. In May 2022, TerraUSD (UST), an algorithmic stablecoin pegged to the U.S. dollar on the Terra blockchain, lost its peg, triggering a domino effect that ultimately led to the collapse of the entire ecosystem. LUNC, once valued at over $100, plummeted to fractions of a cent.
Following the crash, the Terra blockchain underwent a hard fork, creating a new chain named Terra (LUNA) and abandoning the original chain, now known as Terra Classic (LUNC). Despite the separation, LUNC continues to exist and trade on various cryptocurrency exchanges with a passionate community trying to revive it.
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The Road Ahead for Terra Classic (LUNC)
The validity of Marks’ analysis hinges on several factors. Continued positive sentiment surrounding LUNC within the cryptocurrency community could fuel a price increase. Additionally, any developments or upgrades implemented on the Terra Classic network could potentially attract new users and investors, bolstering the token’s value.
Conversely, negative news or unforeseen events in the broader cryptocurrency market could dampen investor confidence and lead to a price decline for LUNC. However, the overall sentiment surrounding LUNC is bullish, and many expect a massive surge soon.
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