Michaël van de Poppe, a top crypto analyst and trader, has shown his short-term bullishness on the Terra Classic (LUNC) as positive developments flood the token’s ecosystem. This price prediction comes after asserting some weeks ago that LUNC may not hit the $1 mark.
In a Twitter thread where he carried out a technical analysis on the price movement of five popular crypto assets including ChainLink (LINK), Terra Classic (LUNC), Litecoin (LTC), Polygon (MATIC), and Avalanche (AVAX), he pointed out that LUNC price may be heading to the $0.000523 mark if it breaks the $0.00045 resistance level. The TA/FA trader added that certain supports or price regions must hold first for the LUNC uptrend to continue.
On the chart where he used the 4-hour timeframe to analyze the price of LUNC, the Terra Classic native token showed a reversal of its downtrend after touching the $0.0002 price range in late September. This reversal happened around the time Binance, the largest exchange by trading volume, announced that it will implement the 1.2% LUNC tax burn proposal on spot and margin trading.
On September 26, as shown on the LUNC/BUSD chart, LUNC went from around $0.0002 to $0.0003 in one long green candle. Since then, the token has been heading upwards, touching a recent high of $0.000361 on October 1.
However, Michaël van de Poppe predicts that for LUNC to hit $0.00045 and $0.000523, it must break the resistance of $0.00036 and also hold the key support price of $0.0003 and $0.00027.
Alongside the image of his chart analysis of LUNC, Poppe wrote;
“This one (LUNC) shows strength, as another breakout has happened. Currently into resistance, breaking, and flipping = long zone. Otherwise, I’d be looking at long around $0.0003 for a potential play. If $0.00036 breaks, then I assume we’ll see $0.00045.”
Request 02 – $LUNC
This one shows strength, as another breakout has happened.
Currently into resistance, breaking and flipping = long zone.
Otherwise, I'd be looking at long around $0.0003 for a potential play.
If $0.00036 breaks, then I assume we'll see $0.00045. pic.twitter.com/A2PlxKrMrC
— Michaël van de Poppe (@CryptoMichNL) October 2, 2022
At the time of writing, Terra Classic (LUNC), which is ranked number 31 by market cap, is trading for $0.0003216. Coinmarketcap data show that the community-led crypto asset has appreciated over 64% in the last 7 days.