🌖 Technical indicators suggest a pump is coming for the crypto Terra Luna Classic (LUNC)

The crypto LUNC (Terra Luna Classic) seems to have been moving steadily in a bear perspective for months, but it might soon reverse course.

Some market analysts, like the well-known Javon Marks, have written on X to expect a strong bull rally for the cryptocurrency. The set target suggests that LUNC should grow by 545% compared to current prices.

To justify this optimism, according to Marks, is the graphical trend of the RSI indicator which continues to grow despite the depreciations.

These conditions, known as RSI divergence, increase the likelihood of a bull movement for crypto LUNC.

The indicator shows that an unusual trading force for a product that has been traded in a bear market for a long time. Usually, these cases open the doors to short-squeeze and double-digit percentage green candles.

The analyst states that the currency could visit the level of $0.0059, which would mean a growth of about 6 times the current value.

The capitalization of the Terra Luna Classic project would rise to about 2.5 billion dollars, earning a place in the top 50 ranking according to CoinMarketCap.

Despite the target may seem exaggerated, we remember that in the past LUNC has often hosted totally unexpected movements.

The traders of the Terra Luna Classic project indeed follow speculative logics out of the ordinary.

🌖 The Terra Luna Classic community supports the potential growth of the crypto

Setting aside the speculative aspect of the crypto LUNC, it is worth highlighting how the Terra Luna Classic community is working hard to restore dignity to the project.

Despite the numerous difficulties with a blockchain abandoned by a wide range of developers, the users aimed to restore the balance.

Various initiatives have been proposed to offer more incentives to users and programmers, with the aim of repopulating the ecosystem.

Recently, the community voted to implement a burning plan of 46.55 million USTC (formerly UST) through contract migration.

In particular, this move could have a strong positive impact on the price of LUNC, pushing the price of the crypto upwards.

By reducing the current circulation of the stablecoin, a mechanism is implied in which LUNC becomes more appealing in the market, supporting Marks’ bull thesis.

Furthermore, it is important to highlight how recently the actual closure of Terraform Labs (the company behind Terra Luna Classic) has been established, finally eliminating an aspect of centralization.

By doing so, the LUNC project becomes effectively owned by the community itself, which focuses on long-term rebuilding.

It’s difficult for it to return to the pre-dump levels of May 2022, however, we do not rule out a significant appreciation of the token.

Attention to not overexpose yourself on products like LUNC because although the potential is high, they imply an enormous speculative risk.

🌖 LUNC Gears Up for a Major Rally: Strong Upward Movement Ahead for Terra Luna Classic

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%.

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.

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🌖 Can the $60M AVAX Buyback Ignite a Terra Luna Classic Price Rally?

Terra Luna Classic price has been trending upward since July, despite a market-wide crash on August 5. Recent developments in the Terraform Labs liquidation have led Avalanche (AVAX) to buy back $60 million worth of AVAX tokens held by the Luna Foundation Guard (LFG), originally used to support the UST stablecoin.

The AVAX price surged 17.5% on Tuesday following the news but has since cooled down and is now 0.7% down. Now, the LUNC community speculates if the funds could be used for a LUNC buyback and burn, potentially boosting its price further.

🌖 Terra Luna Classic Price If $60M AVAX Is Used to Burn LUNC

The AVAX token buyback plan by the Avalanche Foundation provides the LFG with $60 million in funds to use as bankruptcy court orders. Meanwhile, the Terra Luna Classic community has taken full control of the blockchain’s leadership as TFL and LFG approach their final days.

If the community uses this $60 million to buy back and burn LUNC, the price of Terra Luna Classic will likely see a significant impact. The LUNC price is currently trading at $0.0000886, down 0.6% in the last 24 hours. A $60 million purchase of LUNC would equate to 671 billion coins, or about 12% of the total circulating supply, with a current market cap of $506 million. To maintain this market cap with 12% of the supply gone, the price would need to adjust 17% upward, reaching $0.0001.

The hype from the coin burn, combined with the potential 17% increase, could fuel Fear of Missing Out (FOMO), leading to a cascading effect that drives LUNC prices higher than $0.0001.

🌖 LUNC Price Action Looks Ready For A 53% Rally

The Terra Luna Classic price chart reveals a clear ascending channel pattern, indicating a gradual uptrend within well-defined support and resistance lines. This trend is bullish as the price is consolidating near the middle of the channel, suggesting a potential upward move to $0.00015

Key Support and Resistance Levels

0.00008400: The lower boundary of the channel is acting as a strong support. This level has held multiple times in the past and offers a good entry point for traders looking to buy dips.

0.0001500: The upper boundary of the channel is a key resistance zone. This is also near the projected Fibonacci extension target.

The long-term outlook for Terra Luna Classic price remains bullish as long as the price remains within the ascending channel or breaks above it. Targeting the $0.0001500 area provides a good risk-to-reward ratio, with the potential for extended gains if the broader market sentiment turns highly bullish.

If the LUNC price falls below the channel ($0.000084), it may signal market weakness, invalidating the current bullish thesis. LUNC may find further support below around $0.000073 and $0.000054.

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🌖 LUNC News: Terra Luna Classic Nods Proposal To Deal With CoinMarketCap

LUNC News: The Terra Luna Classic proposal to take access to the relevant accounts and dashboard maintained with Terraform Labs (TFL) is almost approved by the community. As a result, LUNC and USTC price gains upside momentum to breakout resistance levels amid the latest developments.

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🌖 LUNC News: Terra Luna Classic Community Approves Proposal

Proposal 12141 titled “Dealing with CoinMarketCap and other listings” is nearly passed by the Terra Luna Classic community. The proposal seeks the community’s approval to obtain access to TFL’s listed Terra Classic on CoinMarketCap and other aggregators. The bankrupt company is the only entity holding the keys to access the relevant dashboards to change links to website, social media, and other information for LUNC and USTC.

TFL is unlikely to make change requests on CoinMarketCap and other crypto exchanges related to LUNC and USTC after October 31. With TFL unlikely to provide access to the terra.money domain or the official Terra Money X account, the community seeks access to CoinMarketCap dashboards and potential other chain information management dashboards to resolve any unwanted issues.

Allnodes has already agreed to act as a temporary custodian of these access rights and agreements, to make any relevant changes according to governance decisions, and to relinquish ownership of these listings at such time as the TerraClassic governance decides.

The proposal has received 99.95% votes in favor, with validators Interstellar Lounge, JESUSisLORD, LUNCLIVE, moonshot, and Community First LUNC voted “Yes.”