Terra LUNA’s LUNC Set To Jump 13x, Analyst Reveals The Drivers
May 25 2024 - 8:00AM
NEWSBTC
Crypto analyst Javon Marks has laid out a bullish narrative for
Terra Classic (LUNC). Based on his analysis, the crypto token could
eventually see a 13x increase from its current price levels. The
analyst alluded to LUNC’s historical pattern as what could drive
such parabolic price surge. Related Reading: XRP Declares War On
Uncertainty: Analyst Predicts Breakout Fueled By Regulation How
LUNC’s Price Could Jump By 1,300% Marks mentioned in an X
(formerly Twitter) post that LUNC has confirmed a “major bullish
pattern,” signaling a continuation of its bullish run to the first
price target at $0.00058046. He noted that this move of over 400%
was likely to be attained with the crypto token holding above
levels that it had earlier broken out from. The crypto
analyst then raised the possibility of LUNC making a 1,300% move
instead. He claimed that LUNC’s previous breakout and run pattern
suggests that three targets could be broken above, meaning that the
crypto token rising to the price target of $0.00139122 from here is
“possible.” Marks has remained bullish on LUNC for a while now and
has suggested that LUNC’s parabolic rally is a question of when and
not if. However, he has failed to provide any specific timeframe
for when this move will likely occur. LUNC’s fundamentals are also
expected to contribute to this upward trend and push its price to
such heights. One way that is likely to happen is through the
LUNC’s burns, which are carried out regularly. The Terra community
has burnt over 113 billion LUNC tokens since the burning initiative
came into place following Terra LUNA’s crash in 2022. This has
helped reduce the crypto tokens’s circulating supply and could be
significant as demand for the token picks up. It is worth
noting that LUNC is well below its all-time high of $119. However,
this suggests that the crypto token has enough room to move
significantly to the upside. Recent Developments In The Terra
Classic Ecosystem Genuine Labs, a Terra Classic developer group,
recently announced that the latest version of SDK 47 was ready. The
proposed upgrade is expected to be put up for governance voting.
The upgrade will introduce significant changes to the Terra
network, including a fix to the dyncomm decorator.
Furthermore, the upgrade will handle peer-to-peer (p2p) storms on
the network and add new features to the Terrad client, which
connects developers to the Terra blockchain. It is uncertain when
the proposal will go live, but it should be soon enough.
Related Reading: Ethereum Eyes $4,000 Comeback Fueled By Bullish
Buying Spree Meanwhile, the Terra community also recently passed a
proposal to make Allnodes an official organization for the
community. Allnodes will be the official source for information
regarding the circulating supply of LUNC, USTC, and other native
tokens. At the time of writing, LUNC is trading at around
$0.0001151, up over 2% in the last 24 hours, according to data from
CoinMarketCap. Featured image from Space.com, chart from
TradingView
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024