Cryptocurrency analyst Javon Marks has sent shockwaves through the Terra Classic (LUNC) community with a bullish prediction. Marks forecasts a staggering 1,134% upswing for LUNC, potentially reaching a price of $0.00139. This ambitious prediction hinges on the confirmation of a bullish technical pattern on LUNC’s price chart.
The targeted price point would shatter LUNC’s current all-time high of $0.00005922, set in September 2022. It’s worth noting that this prior peak came after a remarkable 1,336% surge following the tumultuous Terra ecosystem collapse in May 2022.
LUNC’s Uptrend and Technical Cues
LUNC has defied the broader market’s performance to a certain extent, exhibiting a distinct uptrend since October 2023. This price movement comes after a low of $0.00005506 in October 2023, marking its lowest point since June 2022. This low 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 Marks’ 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 emphasizes the importance of this trendline for the predicted price movement.
Price Targets and Crucial Support Levels
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 significant 414% increase from current prices.
However, Marks dives deeper, referencing the historical 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 and reach even higher. Marks proposes a secondary target of $0.00098584, followed by a potential peak of $0.001391.
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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 Looking Ahead
The ongoing efforts of the Terra Classic community to revitalize the ecosystem should not be overlooked. These initiatives aim to contribute to LUNC’s long-term recovery. It’s important to remember that analyst predictions, while valuable, 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.
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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