Terra Luna Classic (LUNC) has been facing a challenging period, with its price declining by over 10% in recent days. The token is currently trading at the crucial support level of $0.00010. However, a prominent crypto analyst, Javon Marks, believes that LUNC could be on the verge of a significant bullish breakout, potentially leading to a 480% price surge.
A Bullish Outlook
Marks’ bullish forecast is based on LUNC’s historical price patterns and the formation of a falling wedge pattern. This technical analysis suggests that the token could experience a significant upward movement as the two converging trendlines narrow.
$LUNC (Terra Classic) –
— JAVON⚡️MARKS (@JavonTM1) November 15, 2024
+480% –> $0.000593 https://t.co/RQWMhSoILR pic.twitter.com/Fkm9oNvO9k
LUNC’s increasing burn rate and the broader cryptocurrency market’s bullish sentiment are additional factors that could contribute to its price appreciation. The burn mechanism, which involves permanently removing tokens from circulation, can reduce the supply of LUNC, potentially driving up its price.
Technical Analysis Supports Bullish Thesis
Technical indicators also support a bullish outlook for LUNC. The formation of an ascending regression channel on the daily chart, along with support from key moving averages, suggests that the token may be in a strong uptrend.
The MVRV Z-score, a metric that measures the profitability of LUNC holders, is nearing its highest level of the year. While this could indicate overvaluation, it also suggests that the token has the potential for further upside.
Key Levels to Watch
To confirm the bullish outlook, LUNC must break above the upper trendline of the ascending channel, which is currently around $0.00010. A successful breakout could propel the token towards the $0.00013 level.
Also Read: Terra Classic Community Grants CoinMarketCap Access to Allnodes, LUNC and USTC Prices Surge
However, if LUNC fails to break above the upper trendline and instead falls below the lower trendline at $0.000085, it could signal a potential downside move towards the $0.000053 level.Read:
While LUNC’s potential for significant upside is exciting, it’s important to remember that the cryptocurrency market is highly volatile. Investors should conduct thorough research and consider consulting with financial advisors before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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