- Terra Classic (LUNC) is stable despite recent market turbulence, with a 5.21% dip in the past week.
- Analyst Javon Marks predicts a 405% increase for LUNC, citing a potential bullish reversal.
Terra Classic (LUNC) is exhibiting signs of potential stability despite recent turbulence in the broader cryptocurrency market. Overall, LUNC has eroded almost 13.98% in the last week, data compiled at the time of writing shows. Subsequently, Bitcoin slipped from its all-time high of $70,000 to $66,000, which has led to increased bearishness within the market. High volatility has, in one way or another, affected many altcoins, including Terra Classic, which has extended to the fluctuating market.
However, contrary to this downturn, LUNC has proven to be quite ‘bullish.’ Over the past 30 days, it has slid a mere 1.26% down. Such relative stability gives hope that Terra Classic could weather well in the current standing market condition and maybe begin an upward move.
As of today, Terra Classic is valued at $0.0000736. Its 24-hour trading volume is $14.67 million, and its market capitalization is $400 million, with a market dominance of 0.02%. Over the past 24 hours, the price has decreased by 3.84%, reflecting the prevailing market conditions.
Crypto Analyst Predicts Bullish Move for Terra Classic
Javon Marks, a prominent crypto analyst, has made an optimistic prediction regarding Terra Classic (LUNC). In his forecast, Marks points to a bullish move for LUNC to rise in value in the near future, illustrating a regular bull divergence that is important in technical analysis. This indicator is usually considered to be a bullish reversal, which means that LUNC’s price may change its current direction from a downward one to an upward one.
$LUNC (Terra Classic), >5X, ‘It’s Coming ‘
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With $LUNC (Terra Classic)’s Regular Bull Divergence already confirmed and holding, a bullish reversal back into a massive uptrend towards the $0.00042986 target may be only a matter of time!
As the prices hold broken out, this… https://t.co/af0eGITUw6 pic.twitter.com/krcMZeJAg3
— JAVON
MARKS (@JavonTM1) July 29, 2024
Marks has set a target price of $0.00042986, which means a potential upside of more than 405% from the current price levels. This forecast gives an indication of an actualization that will be more than five-fold on the investment. In this case, Marks believes that it is possible to achieve this target, and this could occur in the near future, given the existing market conditions. Marks’ prediction is buoyed by recent market behavior, which shows LUNC holding steady with signs of a potential breakout.
Binance Conducts Massive Token Burn to Reduce LUNC Supply
Although the market had a general bearish trend, the Terra Classic futures market presented bullish trends at the end of the week. The Coinglass data revealed a weekly change of +0.56 in LUNC futures open interest.
It is worth noting that Binance recently conducted a substantial burn of Terra Classic (LUNC) tokens on August 1, 2024. The exchange successfully burnt 1,149,430,203 tokens in a single transaction of LUNC tokens.
According to Luncmetrics, the tokens were transferred from the wallet address “terra18…24sqe” to a dead address, effectively reducing the total supply of LUNC.
Binance’s August burn contrasts with previous higher-volume burns. In June, the exchange incinerated 1.7 billion LUNC tokens, marking a significant increase from the August figure. The largest burn this year occurred on January 1, when Binance destroyed 5.5 billion LUNC tokens. A record burn of 8.8 billion tokens was achieved in March 2023.
