Analysts Sees Terra Luna Classic Price Surging 480% as Burn Rate Rises

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As a seasoned researcher with over a decade of experience in the dynamic world of cryptocurrencies, I have seen my fair share of ups and downs, bull markets, and bear markets. The current state of Terra Luna Classic (LUNC) has caught my attention, not just because it’s been under pressure lately, but because a popular analyst, Javon Marks, has delivered a rather bullish forecast for the coin.

Over the last few days, the price of Terra Luna Classic has been on a downtrend, dropping by about 10.95% from its highest point this week. The leftover token from the collapsed Terra network, known as LUNC, is currently hovering around the significant support level at $0.00010. According to one analyst’s prediction, LUNC might experience a significant resurgence and potentially increase by approximately 480% shortly.

Crypto Analyst Delivers A Bullish Terra Luna Classic Price Forecast

Terra Luna Classic has trailed ahead of well-known cryptocurrencies such as Bitcoin and Solana, both of which have surged more than twice their value this year. However, it continues to struggle in a prolonged downturn following a drop of over 60% from its peak this year due to decreased interest from investors.

Nonetheless, Javon Marks, a popular crypto analyst with a good track record of crypto forecasts, believes that LUNC price has more room to run. He believes that it could jump to $0.000593, approximately 480% higher than the current level. 

His argument relies on the historical success and recurring falling wedge patterns observed in Terra Luna Classic (LUNC). Over an extended period, this cryptocurrency has developed three significant falling wedges, which historically have led to substantial bullish breakouts. If another such breakout occurs, he predicts that the coin could potentially reach a price point close to $0.000593, slightly below its record high of $0.000064.

A falling wedge refers to a chart pattern where two downward-sloping lines that are gradually getting closer to each other are present. Typically, an upward breakout occurs as these lines approach each other, suggesting a potential increase in price.

There are two possible factors that could cause the price of LUNC to rise:

LUNC Technicals Point To More Gains

The technical analysis indicates that Terra Luna Classic could experience a powerful surge in value. On its daily chart, it’s forming an upward sloping regression channel and is receiving backing from both the 50-day and 100-day moving averages.

The Market Value to Realized Value (MVRV) Z-score for the coin has increased to approximately 2.7 and is close to its peak since April. Although this could indicate that the coin might be overpriced, it still seems to have potential for further growth, potentially reaching its maximum value of $4.6 for this year.

If the price of LUNC surpasses the upper boundary of the ascending channel at around $0.00010, it suggests further potential growth towards $0.00013, which was its peak on May 30, representing a 33% increase from its current level.

The invalidation point of the bullish view is at $0.000085, the lower level of the channel. A drop below that point could signal a drop to $0.000053.

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2024-11-15 17:24