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Analyst Sees Terra Classic Spiking 1,134% to $0.00139 as LUNC Confirms Major Bullish Pattern

source-logo  thecryptobasic.com 23 May 2024 18:09, UTC

Crypto market analyst Javon Marks expects Terra Classic (LUNC) to record a 1,134% price spike to $0.00139 following confirmation of a major bullish pattern.

This price would mark a new all-time high for LUNC, with its current ATH price being $0.00005922, attained in September 2022. LUNC hit this level when it witnessed an impressive 1,336% upswing four months after the broader Terra ecosystem collapse in May 2022.

Terra Classic on an Uptrend Since October 2023

It bears mentioning that the Terra Classic community has championed narratives aimed at rejuvenating the ecosystem. This move is expected to bolster LUNC’s price action. However, with this campaign facing roadblocks amid community disagreements, LUNC is forced to find its own path to recovery.

Terra Classic has so far trailed the broader market, setting itself on an uptrend since October 2023. For context, LUNC collapsed to a low of $0.00005506 on Oct. 18, 2023, marking its lowest value since June 2022. However, this price marked its floor for the cycle, eventually leading to an impressive upsurge.

LUNC rode on the rally in the broader market from Q4 2023 to record this ongoing uptrend. So far, it has continued to register higher lows, forming an ascending trendline on the 3-day chart. Javon Marks confirmed this in a chart accompanying his recent analysis.

$LUNC (Terra Classic) confirms a major bullish pattern that can be signaling a monumental continuation towards the first target @ $0.00058046!

With this target and breakouts holding ,an over 414% upside from here to reach it could take place, but looking at the previous breakout… https://t.co/6ebvcbkej4 pic.twitter.com/e44HriyiF7

— JAVON⚡️MARKS (@JavonTM1) May 20, 2024

LUNC Readies for a Spike to $0.001391

A recent retest of this trendline sets the stage for an imminent price upswing that could lead to the September 2022 highs. According to Marks, if this structure holds, it could initially result in a price surge to $0.00058046, marking a massive 414% increase from current price levels.

However, Marks suggests that historical data indicates that the imminent price increase might actually be greater than a 414% surge. Recall that Terra Classic spiked 1,336% from a low of $0.00004123 in June to the current all-time high of $0.0005922 in September 2022. This rally occurred on the back of a similar setup.

Citing this previous rally, Marks believes LUNC could break the initial $0.00058046 target to clinch the second target at $0.00098584. After this, Terra Classic is expected to push toward a peak value of $0.001391. This target would represent a 1,134% rise from the current price of $0.0001127.

To maintain the structure and hold above the ascending trendline, LUNC must defend the support at the 20-day SMA ($0.00010747). The bulls are looking to tower above the resistance at the upper Bollinger Band ($0.00011498) to retain Terra Classic’s short-term bullish momentum. A push below the $0.0001 psychological level could spell trouble.

Terra Classic 1D Bollinger Bands