- Analysts are confident that Terra Luna Classic (LUNC) will soar.
- The focus on long-term rebuilding is a major sentiment booster.
The crypto market recovered slightly over the past day after experiencing short-term volatility. Notably, Terra Luna Classic (LUNC) is among other tokens that are demonstrating upward price movements today.
LUNC Technical Indicators Predict Bullish Outcome
Crypto enthusiasts and experts even anticipate a more bullish rally for LUNC, pointing to several technical indicators. Specifically, crypto analyst Javin Marks stated that the Relative Strength Index (RSI) indicator is growing steadily, supporting a potential rally. Mark believes LUNC is on track to see a major rally, which could push current prices up by 545%.
Both $LUNC (Terra Classic)’s Price and RSI continues to hold well broken out (to the upside/bullish) here, leaving one thing in mind:
another colossal bull move, which can be towards the $0.00593 target standing currently over 545% away! https://t.co/7KxevEMaBN pic.twitter.com/33kxyA3cmd
— JAVONMARKS (@JavonTM1) October 5, 2024
For context, the RSI indicator measures the recent price changes of any cryptocurrency. This indicator helps to determine market conditions by telling whether a cryptocurrency is overbought or oversold. The indicator shows an unusual force for an asset that traded in a bear market for an extended period. Typically, these circumstances lead to short-squeeze and double-digit percentage green candles.
Mark highlighted the graphical trend of the RSI indicator, which keeps growing despite depreciation. According to Mark, these conditions, known as RSI divergence, strengthen the possibility of a bullish trend for LUNC. Accordingly, the analyst predicted that LUNC would climb to $0.0059, roughly six times its current worth.
Based on this forecast, LUNC would rank in the top 50 on MarketCap, with a valuation of about $2.5 billion. At press time, LUNC was trading at $0.00008571, with market capitalization pegged at $489 million. Within the last 24 hours, LUNC surged 3.8%, while trading volume jumped 24% to $17.5 million.
Looking at the current figures, Mark has set a very high target for LUNC. However, it is important to note that LUNC has often printed unexpected movements based on its precedents.
Additionally, LUNC’s holders follow unusual speculative logic. Therefore, Mark’s 545% rise forecast for LUNC could eventually hold. Surprisingly, Mark is just one of the analysts forecasting a bullish outcome for LUNC.
As CNF mentioned, Crypto analyst Candle Calls believes LUNC could surge to $1 and $5.
Growth Efforts to Restore the Terra Classic Ecosystem
LUNC was originally known as LUNA prior to the collapse of its algorithmic stablecoin UST in May 2022. The cryptocurrency was worth over $100 and had a capitalization of $40 billion.
However, the stablecoin collapse resulted in an increased token supply, leading to a rapid devaluation and general panic among holders. In just a few days, the previous years’ development was wiped away, effectively bringing LUNA to a halt.
The Terra Luna Classic Community presented different initiatives to restore the project’s legacy. For instance, the community recently voted for the Tax2Gas upgrade, which impacted the network’s core components and introduced some critical security patches.
In another development, the community voted to implement a proposal to burn 46.55 million USTC through contract migration. As CNF noted in previous updates, efforts to reduce USTC’s circulating supply remain part of the larger goal to return the token to $1. This move could have a strong positive impact on LUNC by pushing the price upwards.
Furthermore, Terraform Labs, the company behind Terra Luna Classic, has been confirmed as closed. This development will help eliminate centralization and restore trust. Thus, the LUNC project is now effectively owned by the community and focuses on long-term rebuilding.
