Citing Elliott Wave Theory, Analyst Predicts How High Terra Classic (LUNC) Could Rise

The turbulent journey of LUNC, punctuated by dramatic highs and gut-wrenching lows, has been a constant source of excitement and disappointment for the Terra Classic community. Derek (@kimmyboy2) aptly captures the rollercoaster ride in his recent post, reminding the community that despite the recent dip, the journey isn’t over for LUNC.

Derek highlighted LUNC’s recent surge to $0.00028 in late November and early December. He noted how the notable surge was followed by a sharp correction, shaking the confidence of many investors. Derek also described it as a painful time.

Read Also: Terra Classic (LUNC) Price Prediction: Here’s What Is Next As Bears Regain Strength

Yet, Derek shows a glimmer of hope amid the volatility and poor performance. He points to the cyclical nature of market movements, stating, “Let’s not forget that a sharp decline is accompanied by a rapid rise.”

Derek then delves into technical analysis, referencing the Elliott Wave Theory shown in his chart. This widely used theory posits that market trends unfold in a predictable five-wave pattern. He suggests that LUNC might be on the cusp of completing the fourth wave, paving the way for an upward trend.

However, the journey to the top isn’t without hurdles. Within Wave 5, Derek expects LUNC to drop when it reaches $0.0002593. He believes LUNC will drop below $0.000189 before resuming its upward journey. The final target is $0.00053405, a massive step up from LUNC’s current price of $0.0001095, which is down 1.33% in 24 hours.

After recent negative developments like the rejection of a key proposal that would have enhanced the Terra Classic ecosystem, the community is eager for a path to higher prices.

Can Terra Classic (LUNC) Reach this Target?

It’s important to acknowledge that technical analysis is not a crystal ball while offering valuable insights. Predicting the future of any financial market, especially one as volatile as the crypto market, comes with a high level of uncertainty.

Read Also: If Terra Classic (LUNC) Hits This Price, It Will Regain Its ATH Market Cap of $41 Billion

However, Derek’s message is also a rallying cry for the Terra Classic community against fear, uncertainty, and doubt (FUD). The final line in his post says, “Let’s not be swayed by ridiculous FUD and artificial manipulation. We already know the answer. #LUNC.” The LUNC community still has faith in their beloved cryptocurrency, and with proper work, LUNC could rise again.

This sentiment isn’t just blind optimism. It comes from the understanding that market corrections are often necessary for sustained growth. Terra Classic has had its hard times, and it could be on the way up.

Meanwhile, ChatGPT and Google Bard recently predicted an increase for LUNC by the end of 2024, raising another level of optimism among the LUNC Army.

---

Follow us on Twitter, Facebook, Telegram, and Google News