LUNC eyes 342% surge: Bullish Divergence signals breakout.
Terra Classic benefits from SEC clarity and community initiatives
LUNC prepares to turn around with strong investor sentiment.
Terra Classic (LUNC), native token of Terra ecosystem, has seen a massive price surge and a strong bullish tendency. This resurgence follows a period of consolidation after the TerraUSD de-pegging in early this year.
Source: Javon Marks
The latest technical analysis shows a bullish divergence in the price of LUNC and its On-Balance Volume (OBV) indicator. The OBV measures positive and negative volume flows, giving a clear picture of the trading direction. This technical indicator, as shown in the above 3-day chart, suggests a possible breakout. Some analysts target a price increase over 342%, reaching $0.00042986.
“LUNC (Terra Classic), after holding a bullish convergence with the OBV has returned with major strength, and this could be the beginning of a greater run!” With a breakout goal of $0.00042986, the price can be set to climb over 342% in order to reach and break above that level. This could be just the beginning.
LUNC and TerraUSD (UST) have both suffered a severe decline since the collapse Terra ecosystem. A recent lawsuit filed by U.S. SEC vs Consensys could be a positive for LUNC.
According to reports, SEC clarified the classification of LUNC and other cryptocurrencies as securities. This could be seen as a sign that the asset class is becoming more legitimate.
Terra Luna Classic also voted recently on a proposal for an independent community website similar to Bitcoin.org. This initiative demonstrates the community’s commitment towards re-building trust and fostering growth over the long term.
Recent developments are also fueling investor optimism. This includes a recent price increase, a token burn with strong support from the community, and Binance burning 62 million LUNC tokens.
Terraform Labs (the firm behind Terra blockchain) has also announced that the deadline to submit claims in its bankruptcy proceedings is August 9th.
Looking ahead, these factors suggest that LUNC could turn around despite an uncertain outlook. It’s important to keep in mind that cryptocurrency markets can be extremely volatile and that past performance is not always indicative of future results. Investors should always do thorough research before making investment decisions.
This site is for entertainment only. Click here to read more
