Crypto market analyst Javon Marks has predicted a major price increase for Terra Classic (LUNC). He expects the price to rise by 1,134%, reaching $0.00139. This forecast is based on a positive technical pattern in LUNC’s price chart.
If this prediction comes true, it will break LUNC’s previous all-time high of $0.00005922, which was set in September 2022. This past high followed a 1,336% surge after the Terra ecosystem collapsed in May 2022.
Terra Classic (LUNC) Shows Strong Uptrend Amid Market Rally
LUNC has exhibited a distinct uptrend since October 2023, defying the broader market’s performance to a certain extent. This price movement comes after LUNC hit a low of $0.00005506 in October 2023, its lowest point since June 2022. This low price point served as a springboard for the current uptrend, fueled in part by the overall cryptocurrency market rally that began in Q4 2023.
A key technical indicator supporting the bullish outlook is the ascending trendline established on LUNC’s 3-day chart. This trendline signifies a series of higher lows, suggesting a potential continuation of the upward trajectory. Marks highlights this trendline in his analysis, emphasizing its importance for the predicted price movement.
LUNC’s Uptrend Strengthened by Key Technical Indicators
A recent retest of the aforementioned trendline strengthens the possibility of an imminent price increase. If the trendline holds, Marks anticipates an initial surge to $0.00058046, representing a substantial 414% increase from current prices.
However, Marks delves deeper into historical data, pointing to the potential for a more significant upswing. He references the 1,336% price increase witnessed between June and September 2022, which stemmed from a similar technical setup. This historical precedent suggests that LUNC could surpass the initial target of $0.00058046. Marks proposes a secondary target of $0.00098584, followed by a potential peak of $0.001391.
For the bullish momentum to persist, LUNC must hold above the crucial support level at the 20-day Simple Moving Average (SMA), currently positioned at $0.00010747. Additionally, surpassing the resistance level at the upper Bollinger Band ($0.00011498) is critical to maintaining short-term bullishness. Conversely, a price drop below the psychological level of $0.0001 could indicate a potential trend reversal.
Community Efforts and Market Volatility Impacting LUNC’s Future
It’s important to acknowledge the ongoing efforts of the Terra Classic community to revitalize the ecosystem. These initiatives aim to contribute to LUNC’s price recovery.
While analyst predictions offer valuable insights, they should not be considered guarantees. The cryptocurrency market remains inherently volatile, and unforeseen factors can influence price movements.
Moving forward, close observation of LUNC’s technical indicators alongside developments within the Terra Classic ecosystem will be crucial for gauging the accuracy of price predictions and the overall health of the project.