The Terra Classic (LUNC) cryptocurrency is igniting buzz in the crypto sphere as it shows signs of a potential breakout. Renowned crypto analyst Javon Marks has recently sparked excitement with his analysis, noting LUNC’s impressive performance following a breakout retest. According to Marks, the coin’s price action and the Relative Strength Index (RSI) are stabilizing, hinting at a significant rebound.
Marks’ bullish outlook predicts a target price of $0.000593 for LUNC, which would represent a staggering 567% increase from its current level. This forecast has fueled speculation and debate among crypto enthusiasts about whether LUNC is on the brink of a major bull run.
Adding to the hype, crypto influencer Mr. Diamondhandz1 has highlighted a recent development that further inflames LUNC’s prospects. In a tweet, he revealed that 39 million USTC tokens have been burned from Terraform Labs (TFL) wallets. This burn activity is a critical component of LUNC’s tokenomics, designed to reduce the circulating supply and potentially enhance the value of the remaining tokens.
At present, LUNC is trading at approximately $0.00008361, reflecting a modest 1.65% increase over the past 24 hours. Trading volumes have surged, reaching $16.07 million daily, a sign of growing interest and market activity. This uptick in volume aligns with Marks’ and Diamondhandz1’s forecasts, suggesting a rising momentum for LUNC.
Meanwhile, Terra Classic is also gearing up for a significant network upgrade scheduled for September 18. This anticipated upgrade aims to bolster the security and functionality of the blockchain, addressing key components such as wasmvm and wasmd. The market has already reacted positively to this news, with improvements in the values of both Terra LUNA and LUNC tokens.
Also Read: Terra Classic (LUNC) Set For 567% Surge – Breakout Signal And 32% Volume Spike
In addition to the upgrade, the Terra Luna Classic development team is making strides with the Tax2Gas update. This upgrade is set to automate burndown tax calculations, streamlining decentralized app (dApp) management on the network. Though still in testing, the Tax2Gas update promises to facilitate easier integration and broader adoption of dApps within the Terra Classic ecosystem.
As LUNC continues to gain traction, the combined effect of bullish predictions, significant token burns, and upcoming network enhancements is creating a fertile ground for potential gains. With analysts and influencers rallying around LUNC, all eyes are on the token as it approaches a critical juncture.
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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