- Terra Classic (LUNC) remains a delight of many traders with long-term prospects for growth.
- LUNC’s growth push is notably dependent on general market sentiment.
Over the past year, crypto enthusiasts and investors have been showing so much confidence in Terra Classic (LUNC) but recently, the signals on charts have made many question their stance. In mid-August, the token faced a mild downtrend which made it the center of attraction for traders all over the world as many saw potential buying opportunities.
This was around the time when Vegas, a well-known figure within the Terra Luna Classic community, revealed an upcoming project to establish a bridge for BRC-20 between Bitcoin and LUNC.
While inking such a connection with BTC was expected to trigger a price surge for the altcoin and bring about a transformative impact for LUNC and USTC but instead, the coin has been displaying a sideways pattern on daily charts. The unencouraging price of LUNC has been marked by the presence of two unique descending trend lines, which have consistently served as dynamic barriers of support and resistance.
Moving forward, these signals led to a continuous interplay between LUNC’s price which further caused the trend lines to give way to a descending channel pattern. In the long run, this pattern has the potential to provide insights into the direction of LUNC amid conflicting accumulation push from the bears and bulls.
Terra: Bullish Trend or Extended Consolidation
At press time, the Terra altcoin was trading at $0.00006032, after losing 1.68% of its value within the past 24 hours. In one week, LUNC has seen a decline of around 0.4% in its price. Short-bodied daily candles featuring extended upper and lower wicks have been prevalent in its price chart and this is a clear sign that there is a lack of decisive action from buyers and sellers. In the long run, this may birth an extended consolidation phase.
Nonetheless, historical data has shown that when a coin displays falling channel patterns, just like the one that LUNC is plagued with, a bullish breakout may just be lurking around. Considering this analysis, LUNC may just be at the brink of retesting a positive price range, breaking through the upper trend line and possibly reaching up to a 6.3% increase.
Several crypto analysts and financial experts have shared their sentiments on the future of LUNC. Javon Marks took to the X app in July to state his strong belief that a 400% bull run is on its way for the altcoin. A number of these positive price predictions are made considering the numerous significant changes and upgrades expected from Terra core developers including the already completed v2.0.1 upgrade.
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Generally, these experts are confident that a bullish move for LUNC could cause an increase in the demand pressure for the altcoin. They believe strongly that Terra Luna Classic could rally as much as 25%, taking the coin to its next major resistance level of $0.000075 in the near term.
Amidst these bullish predictions, it is worth noting that the broad cryptocurrency industry is currently faced with uncertainty that is negatively impacting the prices of most altcoins.