According to what some analysts shared on X, the crypto LUNC of the Terra Luna Classic project could soon go through a strongly bull phase.

In particular, several technical indicators seem to suggest a potential 545% pump, in the midst of the crypto speculation frenzy.

In the meantime, the community of the currency is working to give value to LUNC and revive the project from the crash of May 2022.

All the details below.

Technical indicators suggest a pump is coming for the crypto Terra Luna Classic (LUNC) 

The crypto LUNC (Terra Luna Classic) seems to have been moving steadily in a bear perspective for months, but it might soon reverse course.

Some market analysts, like the well-known Javon Marks, have written on X to expect a strong bull rally for the cryptocurrency. The set target suggests that LUNC should grow by 545% compared to current prices.

To justify this optimism, according to Marks, is the graphical trend of the RSI indicator which continues to grow despite the depreciations.

These conditions, known as RSI divergence, increase the likelihood of a bull movement for crypto LUNC.

The indicator shows that an unusual trading force for a product that has been traded in a bear market for a long time. Usually, these cases open the doors to short-squeeze and double-digit percentage green candles.

Both $LUNC (Terra Classic)'s Price and RSI continues to hold well broken out (to the upside/bullish) here, leaving one thing in mind:

another colossal bull move, which can be towards the $0.00593 target standing currently over 545% away! https://t.co/7KxevEMaBN pic.twitter.com/33kxyA3cmd

— JAVONMARKS (@JavonTM1) October 5, 2024

The analyst states that the currency could visit the level of $0.0059, which would mean a growth of about 6 times the current value.

The capitalization of the Terra Luna Classic project would rise to about 2.5 billion dollars, earning a place in the top 50 ranking according to CoinMarketCap.

Despite the target may seem exaggerated, we remember that in the past LUNC has often hosted totally unexpected movements.

The traders of the Terra Luna Classic project indeed follow speculative logics out of the ordinary.

LUNC trading: a past of manipulations and wild speculations

The crypto LUNC (Terra Luna Classic) was originally known as LUNA, before one of the most impactful collapses in the crypto world occurred in May 2022.

The cryptocurrency, which at the time was worth over 100 dollars for a capitalization of 40 billion dollars, was the victim of an attack on its algorithmic stablecoin UST.

The result is that the supply of the crypto has increased dramatically, leading to a rapid devaluation and general panic among the holders.

In a few days, the progress of the previous years was wiped out, bringing LUNA (later renamed LUNC) practically to zero.

In the meantime, the community has split in two, with one part executing a fork of the chain and the other remaining in the original cryptographic environment.

The heroes who chose to stay on the old chain, changing the crypto ticker to LUNC, then fueled a phase of speculation and manipulation of prices.

From June 2022 to today, there have been some phases of uncontrolled and unjustified rise, driven by low liquidity for trading.

In September 2022, in a few days the price of LUNC rose from 0.00009 dollars to 0.0005 dollars, offering ample profit opportunities to speculators.

In December 2023, after a long downtrend phase, the followers of the crypto Terra Luna Classic returned to push the price up.

Here too, the rise offered easy multipliers to traders who manipulated the trend in the bull market of the crypto product.

We would not be surprised, therefore, to see, as analyst Marks suggests, a growth up to 545% for LUNC.

The Terra Luna Classic community supports the potential growth of the crypto

Setting aside the speculative aspect of the crypto LUNC, it is worth highlighting how the Terra Luna Classic community is working hard to restore dignity to the project.

Despite the numerous difficulties with a blockchain abandoned by a wide range of developers, the users aimed to restore the balance.

Various initiatives have been proposed to offer more incentives to users and programmers, with the aim of repopulating the ecosystem.

Recently, the community voted to implement a burning plan of 46.55 million USTC (formerly UST) through contract migration.

In particular, this move could have a strong positive impact on the price of LUNC, pushing the price of the crypto upwards.

By reducing the current circulation of the stablecoin, a mechanism is implied in which LUNC becomes more appealing in the market, supporting Marks’ bull thesis.

Furthermore, it is important to highlight how recently the actual closure of Terraform Labs (the company behind Terra Luna Classic) has been established, finally eliminating an aspect of centralization.

By doing so, the LUNC project becomes effectively owned by the community itself, which focuses on long-term rebuilding.

It’s difficult for it to return to the pre-dump levels of May 2022, however, we do not rule out a significant appreciation of the token.

Attention to not overexpose yourself on products like LUNC because although the potential is high, they imply an enormous speculative risk.

General situation of the altcoin sector

Analysts of the crypto LUNC (Terra Luna Classic) should also keep an eye on the overall market situation of altcoin to assess the most suitable time for a bull run.

Normally, alternative coins to Bitcoin perform well when the latter loses ground in the market in terms of capitalization dominance.

For almost 2 years now, the entire market stage has been in favor of the king of the market, which has seen its dominance grow from 40 to 58%.

As soon as we see the first drop in dominance BTC below the EMA 50 (currently at 54.5%), we might also observe the coordinated growth of altcoins.

Cryptos like LUNC would obviously benefit, opening the doors to brief periods of trading outside the ordinary.

Obviously, it is not certain that LUNC will precisely follow the trend of the other coins, but it is likely that it will reflect a similar pattern.

At this moment, the general alt market is weak, with few cases of coins that have outperformed Bitcoin.

Even Ethereum is in a condition of clear weakness, overshadowed by the better performance of the top-ranked currency.

We will see if in the coming weeks something will start to move, offering appreciation opportunities for LUNC.