USTC Preps For Explosive 360% Run, Crypto Analyst Reveals When
August 12 2024 - 11:30AM
NEWSBTC
Crypto analyst Javon Marks has again provided a bullish narrative
for Terra Classic USD (USTC). This time, the analyst predicted that
the ‘stablecoin’ could rise by over 360% and revealed when this
parabolic run would happen. When USTC Will Rise By Over 360%
In a chart shared in an X (formerly Twitter) post, Marks suggested
that USTC could begin its 360% parabolic run sometime this month
and peak in September. The analyst explained that USTC is still
holding a Bullish Divergence and multiple sets of higher lows,
indicating that the token is still in a bullish environment, with a
360% recovery run on the horizon. Related Reading: Celsius
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Controversy Marks added that with prices still broken out, this run
could lead to USTC rising to $0.08097 and that it ” may take place
at unimaginable speeds.” As part of his analysis, Marks showed that
USTC’s relative strength index (RSI) is still hitting higher lows
despite the token’s price decline, suggesting that bears may be
losing their control with a bullish reversal on the horizon.
Marks had noted in an earlier analysis how USTC showed “major
recovery strength” as it recorded a price move of over 54%
after confirming a key Bullish Divergence. He affirmed that a
higher price rally was still in play as his $0.08097 price target
remained unchanged. USTC is a decentralized and algorithmic
stablecoin on the Terra blockchain. It lost its dollar peg during
the infamous LUNA crash in May 2022 and dropped to an all-time low
of $0.006218 in June 2022. However, since then, the stablecoin has
experienced some sort of revival thanks to the USTC burns carried
out by the Terra Classic community. Data from LUNC Metrics
shows that 2.32 billion USTCs have been burned since May 2022,
although the stablecoin still has a circulating supply of almost
5.6 billion USTC. Thanks to this, USTC is up by over 150% from its
all-time low. However, it remains to be seen if the stablecoin will
ever regain its dollar peg. Bullish Prediction For LUNC Marks
also recently provided a bullish prediction for Terra Classic
(LUNC). He stated that LUNC is “starting to look absolutely primed
to go” and that the crypto token could enjoy a minimum 5.7x price
gain. In another X post, he explained that LUNC’s price continues
to diverge bullishly based on the On-Balance-Volume (OBV)
indicator. Related Reading: Bitcoin Death Cross Threatens To
Trigger Crash If Price Does Not Hold $62,000 He remarked that this
could be a sign that the bears are losing power and that the bulls
are getting ready to dominate the market again. He added that the
price target for LUNC as it makes this parabolic run is
$0.00042986. Marks had previously claimed that LUNC could rise to
as high as $0.00139122 in this bull run. Featured image created
with Dall.E, chart from Tradingview.com
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