25 May 2024
Crypto analyst Javon Marks has laid out a bullish narrative for Terra Classic (LUNC). Based on his analysis, the crypto token could eventually see a 13x increase from its current price levels. The analyst alluded to LUNC’s historical pattern as what could drive such parabolic price surge.
How LUNC’s Price Could Jump By 1,300%
Marks mentioned in an X (formerly Twitter) post that LUNC has confirmed a “major bullish pattern,” signaling a continuation of its bullish run to the first price target at $0.00058046. He noted that this move of over 400% was likely to be attained with the crypto token holding above levels that it had earlier broken out from.
The crypto analyst then raised the possibility of LUNC making a 1,300% move instead. He claimed that LUNC’s previous breakout and run pattern suggests that three targets could be broken above, meaning that the crypto token rising to the price target of $0.00139122 from here is “possible.”
Marks has remained bullish on LUNC for a while now and has suggested that LUNC’s parabolic rally is a question of when and not if. However, he has failed to provide any specific timeframe for when this move will likely occur. LUNC’s fundamentals are also expected to contribute to this upward trend and push its price to such heights.
One way that is likely to happen is through the LUNC’s burns, which are carried out regularly. The Terra community has burnt over 113 billion LUNC tokens since the burning initiative came into place following Terra LUNA’s crash in 2022. This has helped reduce the crypto tokens’s circulating supply and could be significant as demand for the token picks up.
It is worth noting that LUNC is well below its all-time high of $119. However, this suggests that the crypto token has enough room to move significantly to the upside.
Recent Developments In The Terra Classic Ecosystem
Genuine Labs, a Terra Classic developer group, recently announced that the latest version of SDK 47 was ready. The proposed upgrade is expected to be put up for governance voting. The upgrade will introduce significant changes to the Terra network, including a fix to the dyncomm decorator.
Furthermore, the upgrade will handle peer-to-peer (p2p) storms on the network and add new features to the Terrad client, which connects developers to the Terra blockchain. It is uncertain when the proposal will go live, but it should be soon enough.
Meanwhile, the Terra community also recently passed a proposal to make Allnodes an official organization for the community. Allnodes will be the official source for information regarding the circulating supply of LUNC, USTC, and other native tokens.
At the time of writing, LUNC is trading at around $0.0001151, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Space.com, chart from TradingView