The crypto market recovered slightly over the past day after experiencing short-term volatility. Notably, #TerraLunaClassic ($LUNC
) is among other tokens that are demonstrating upward price movements today.
LUNC Technical Indicators Predict Bullish Outcome
Crypto enthusiasts and experts even anticipate a more bullish rally for #LUNCā
, pointing to several technical indicators. Specifically, crypto analyst Javin Marks stated that the Relative Strength Index (#RSI ) indicator is growing steadily, supporting a potential rally. Mark believes LUNC is on track to see a major rally, which could push current prices up by 545%.
For context, the RSI indicator measures the recent price changes of any cryptocurrency. This indicator helps to determine market conditions by telling whether a cryptocurrency is overbought or oversold. The indicator shows an unusual force for an asset that traded in a bear market for an extended period. Typically, these circumstances lead to short-squeeze and double-digit percentage green candles.
Mark highlighted the graphical trend of the RSI indicator, which keeps growing despite depreciation. According to Mark, these conditions, known as RSI divergence, strengthen the possibility of a bullish trend for LUNC. Accordingly, the analyst predicted that LUNC would climb to $0.0059, roughly six times its current worth.
Based on this forecast, LUNC would rank in the top 50 on MarketCap, with a valuation of about $2.5 billion. At press time, LUNC was trading at $0.00008571, with market capitalization pegged at $489 million. Within the last 24 hours, LUNC surged 3.8%, while trading volume jumped 24% to $17.5 million.
Looking at the current figures, Mark has set a very high target for LUNC. However, it is important to note that LUNC has often printed unexpected movements based on its precedents.
Additionally, LUNCās holders follow unusual speculative logic. Therefore, Markās 545% rise forecast for LUNC could eventually hold. Surprisingly, Mark is just one of the analysts forecasting a bullish outcome for LUNC.
As CNF mentioned, Crypto analyst Candle Calls believes LUNC could surge to $1 and $5.
