Terra Classic (LUNC), the embattled cryptocurrency formerly known as LUNA, is showing signs of life again. Following a 9.51% increase over the past week to its current price of $0.0001297, top crypto analyst Javon Marks (@JavonTM1) has identified several bull signals that suggest the token could be on the verge of a major price increase.
In a recent post, Marks updated his analysis from December and highlighted a 3D breakout pattern on the LUNC chart, indicating a potential move toward $0.000593. According to Marks, this represents a staggering 342% increase from the current price.
Read Also: Top Artificial Intelligence (AI) Tool Sets Terra Classic (LUNC) Price for January 31
While past performance does not always reflect future results, Marks points to a previous breakout that saw Terra Classic (LUNC) prices surpass the target and continue an upward trajectory. This past behavior suggests a similar move could be in the cards this time.
After a troubling start to the year from a decline that began in December, Terra Classic (LUNC) has surged 17.01% in the past 30 days, and there are multiple reasons to be optimistic about its future. Among the most important reasons is the breakout pattern the analyst pointed out.
The 3D breakout pattern is a technical analysis indicator that suggests a potential trend reversal. When prices break above the resistance level of the pattern, it can signal a bullish move.
The TerraClassic community is also very passionate about the project. This continued support could provide a positive sentiment boost. The community is actively working with the developers and validators to restore LUNC and repeat USTC to $1, restoring the Terra Classic ecosystem in the process.
Crossing burn milestones have also contributed significantly to LUNC’s uptrend. The digital asset runs in a deflationary model where the reduced supply helps push the price up due to scarcity. The LUNC community has been aggressively pushing for token burns, and as the supply reduces, the scarcity created could help restore the token to its former heights.
Read Also: Expert Forecasts 387% Surge in Terra Classic (LUNC) Price. Here’s the Timeline
It is important to remember that the cryptocurrency market is volatile and prone to sudden shifts. The current regulatory hurdles for the crypto market, especially in the U.S., could hamper the anticipated LUNC recovery. However, the community showed firm support for Marks’s prediction, and many are holding out hope for a recovery.
Major recent developments have also reinforced the bullish sentiment around LUNC. With the excitement in the crypto market for the Terra Classic ecosystem, LUNC reclaiming its former heights could be closer than we think.
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