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Cryptocurrency News Articles
LUNC (Terra Luna Classic) Might Soon Go Through a Strong Bull Phase, Some Analysts Say
Oct 10, 2024 at 07:25 pm
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 are predicting a strong bull rally for the cryptocurrency Terra Luna Classic (CRYPTO: LUNC).
One analyst, Javon Marks, is expecting the coin to visit the level of $0.0059, which would mark a growth of about 6 times the current value.
The analysis is based on the RSI indicator, which is continuing 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.
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
The analysis comes as 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.
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