From news Terra Classic’s [LUNC] Big Comeback: Will It Skyrocket 342%?
Terra Classic [LUNC], the embattled token of the collapsed Terra ecosystem, is displaying signs of a major bullish divergence amid a price rebound. This resurgence comes after a considerable period of consolidation following the TerraUSD (UST) de-pegging earlier this year.
According to technical analysis provided by Javon Marks, a bullish divergence between LUNC’s price and its On-Balance-Volume [OBV] indicator has emerged. The OBV is a key metric that measures the overall net volume flow, to predict future price movements. In the 3-day chart shown below, this technical indicator points out a potential breakout, with the price potentially surging by an eye-popping 342% to reach $0.00042986.
While LUNC’s revival is long awaited by the community and other stakeholders, the token’s rebound is no mere coincidence A recent lawsuit filed by the U.S. SEC against Ethereum firm Consensys could be the key catalyst in the token’s positive momentum. After a dilly-dallying tactic, The US regulator provided much-needed clarity on the classification of several cryptocurrencies, including LUNC, as securities, paving the way for the mainstream legitimization of the asset class.
Ps. remember that this is just a subjective opinion. Make your own decision
