- Terra Classic is lagging in the current bull run, but a top analyst is convinced more is ahead.
- Technical indicators and general ecosystem changes are helping to fuel this optimistic projection.
Crypto analyst Javon Marks has expressed optimism about Terra Luna Classic’s (LUNC) future, predicting a 480% price rally. The analyst’s bold prediction comes as LUNC trades close to its critical support level of $0.00010.
LUNC Not Giving Up Despite Bearish Trend
Top cryptocurrencies like Bitcoin (BTC) and Solana (SOL) have recorded yearly increases of 148% and 320% respectively. LUNC, on the other hand, remains trapped in a bearish cycle, losing over 60% from its 2023 high. Still, Marks, well known for his precise market forecasts, thinks LUNC might make a spectacular recovery and hit $0.000593.
$LUNC (Terra Classic) –
+480% –> $0.000593 https://t.co/RQWMhSoILR pic.twitter.com/Fkm9oNvO9k
— JAVON
MARKS (@JavonTM1) November 15, 2024
The analyst based his prediction on LUNC’s historical price trend, particularly based on technical analysis. He drew attention to the recurring formation of falling wedge patterns that frequently appear before abrupt bullish breakouts. Identifying similar patterns in LUNC’s current chart, Marks thinks a possible spike could move the token closer to his price target.
Two key factors are likely to contribute to LUNC’s potential recovery. The first is the implementation of a token burn mechanism. So far, the Terra Luna Classic community has wiped out 389 billion LUNC from the ecosystem through the burning mechanism. The initiative aims to reduce LUNC’s circulating supply, potentially boosting the price as scarcity increases.
The burning initiative is primarily due to the closure of the Shuttle Bridge during Terraform Labs’ bankruptcy proceedings. The Shuttle Bridge is an essential infrastructure for transferring assets between Terra and other blockchains. CNF reported that token holders were advised to withdraw their remaining assets before the bridge closed permanently.
The second key factor that could positively influence LUNC’s price is sentiments in the broader market. If the momentum in the price of Bitcoin and other top assets continues, investors are likely to increase their investments. As a result, LUNC may benefit from increased investor interest and demand.
As of this writing, LUNC has experienced a surge of 1.5% within the last 24 hours, setting the price at $0.0001115. However, the daily trading volume decreased by 46.5% to $66.7 million, suggesting reduced investor activity.
Latest Terra Classic Updates
One of the latest updates in the Terra Classic community is a proposal from OrbitLabs.
According to a CNF report, the proposal seeks to comprehensively review the recently approved “Reverse-Charge” tax mechanism (Proposal 12143). It also aims to assist with testing the “fix interchain” introduced in SDK 0.47.
Proposal 12143 attempts to implement a “Reverse charge” mechanism on the Terra Classic to replace the tax2gas approach. It simplifies tax handling by deducting tax from the amount sent before reaching the recipient’s wallet. It also eliminates the requirement for the sender to pay the tax as an extra charge.
Meanwhile, OrbitLabs submitted an earlier proposal focused on removing outdated Cosmos modules, improving security, and streamlining updates.
