Crypto market analyst Javon Marks has released a forecast suggesting a significant price increase for Terra Classic (LUNC). Marks predicts a 1,134% upswing to hit $0.00139. This prediction hinges on the confirmation of a bullish technical pattern on LUNC’s price chart.
The targeted price point would shatter LUNC’s current all-time high of $0.00005922, set in September 2022. Notably, this prior peak came after a 1,336% surge following the broader Terra ecosystem collapse in May 2022.
LUNC’s Uptrend and Technical Indicators
LUNC has exhibited a distinct uptrend since October 2023, defying the broader market’s performance to a certain extent. This price movement comes after LUNC hit a low of $0.00005506 in October 2023, its lowest point since June 2022. This low price point served as a springboard for the current uptrend, fueled, in part, by the overall cryptocurrency market rally that began in Q4 2023.
A key technical indicator supporting the bullish outlook is the ascending trendline established on LUNC’s 3-day chart. This trendline signifies a series of higher lows, suggesting a potential continuation of the upward trajectory. Marks highlights this trendline in his analysis, emphasizing its importance for the predicted price movement.
Potential Price Targets and Support Levels
A recent retest of the aforementioned trendline strengthens the possibility of an imminent price increase. If the trendline holds, Marks anticipates an initial surge to $0.00058046, representing a substantial 414% increase from current prices.
However, Marks delves deeper into historical data, pointing to a potential for a more significant upswing. He references the 1,336% price increase witnessed between June and September 2022, which stemmed from a similar technical setup.
This historical precedent suggests that LUNC could surpass the initial target of $0.00058046. Marks proposes a secondary target of $0.00098584, followed by a potential peak of $0.001391.
For the bullish momentum to persist, LUNC must hold above the crucial support level at the 20-day Simple Moving Average (SMA) currently positioned at $0.00010747.
Additionally, surpassing the resistance level at the upper Bollinger Band ($0.00011498) is critical to maintaining short-term bullishness. Conversely, a price drop below the psychological level of $0.0001 could indicate a potential trend reversal.
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Community Efforts and Future Developments
It’s important to acknowledge the ongoing efforts of the Terra Classic community to revitalize the ecosystem. These initiatives aim to contribute to LUNC’s price recovery.
While analyst predictions offer valuable insights, they should not be considered guarantees. The cryptocurrency market remains inherently volatile, and unforeseen factors can influence price movements.
Moving forward, close observation of LUNC’s technical indicators alongside developments within the Terra Classic ecosystem will be crucial for gauging the accuracy of price predictions and the overall health of the project.
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