LIVEAnalyst Spots Terra Classic (LUNC) Bullish Pattern, Predicts Over 1,100% Surge.
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).