The price of Terra Luna Classic (LUNC) is expected to surge by over 270%, reaching a target price of $0.00058046. This optimistic outlook is attributed to the formation of a bullish pennant pattern.
Terra Luna Classic (LUNC) has seen a significant rise, climbing 180% since the start of the year and soaring by 400% since October last year. This surge is credited to advancements in the blockchain and backing from Binance, the largest crypto exchange globally. Analysts predict LUNC could continue to rise, potentially gaining over 270% due to a bullish pattern formation.
Analyst Predicts Significant Upside for Terra Luna Classic (LUNC)
Price Projection and Bullish Outlook: According to analyst Javon Marks on the X platform, Terra Luna Classic (LUNC) still has considerable room for upward movement, with the rally showing no signs of stopping. Marks forecasts potential gains of over 270% for LUNC amid the ongoing bull market.
Target Price and Breakout Prediction: Marks predicts a target price of $0.00058046 for LUNC as the next bullish breakout looms, potentially triggering a monumental surge in prices. This price projection is based on the formation of a massive bull pennant pattern in the long timeline, with expectations of a breakout occurring around mid-April, coinciding with the Bitcoin halving event.
Resistance and Support Levels: The next major resistance for LUNC is anticipated at $0.0002, with the price previously hitting a high of $0.000255 in early March. The $0.00015 level is identified as a local support for LUNC.
Market Support and Open Interest: Both futures and spot markets are providing significant support for further upside momentum amid the bull market. The net LUNC and 1000LUNC futures open interests average around $40 million, with a recent increase of 2% in futures open interest over the last 4 hours.
Terra Luna Classic Upgrades and Community Progress
Earlier this week, the Terra Luna Classic community successfully performed a major upgrade. Following the v2.4.2 upgrade, the community holds strong belief that the price of LUNC can reach $1 during this bullish market period.
The upgrade introduces IBC-Hooks, enabling the onboarding of decentralized applications (dApps) on the Terra Luna Classic network. Notably, this includes the introduction of Enterprise DAO, promising significant developments in functionality and interoperability.
Genuine Labs has announced progress on the Terra Classic Security Package upgrade, aimed at bolstering security, functionality, and interoperability. The developer team aims to complete all developments within 8 weeks, further solidifying the network’s infrastructure.
The ongoing LUNC burn campaign has surpassed the 105 billion landmark, showcasing significant support from crypto exchanges and projects. The community is actively working towards enhancing utility, as evidenced by the projected increase in Total Value Locked (TVL) in the coming months.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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