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- Terra Classic has mixed on-chain indicators but with a potential positive growth outlook.
- The LUNC ecosystem is eyeing a major v3.3.0 upgrade that might drive sentiment.
The crypto market watches Terra Luna Classic (LUNC) as key trends point to a potential bullish breakout. This movement could see LUNC rallying to new highs and even seeing a 1,100% surge.
Historical LUNC Price Trend
In an X post, Market analyst Javon Marks pointed out that LUNC’s recent performance resembles a previous cycle. The analyst stated that the previous breakout for LUNC successfully met three major price targets thanks to high volume and market involvement.
There can be major reason for $LUNC (Terra Classic)’s patience demanding action!
Previous breakout and run resulted in 3 Targets being met so prices, holding another breakout, could be preparing for a similar performance which could lead into an over 1,100% run to and above… https://t.co/5vGrKl4fHn pic.twitter.com/qrzJjyIFCy
— JAVON⚡️MARKS (@JavonTM1) December 30, 2024
According to Marks, LUNC is preparing for a repeat breakout, which may result in an over 1,100% surge. He forecasted LUNC’s price target at above $0.00058046, $0.00098584, and $0.00139122. The analyst claims LUNC could hit these price targets, especially if bullish momentum develops under favorable conditions.
At press time, LUNC’s price was trading at $0.0001116, which was up 3.24% in the last 24 hours but down 6.6% in the past week. However, the 24-hour trading volume is up 8.29% to $45.53 million, indicating investors’ increasing willingness to accumulate the token.
Furthermore, LUNC holds a circulating supply of 5.5 trillion tokens, with market capitalization pegged at $596.7 million.
Terra Classic’s price chart revealed a consolidation phase, one that could serve as a platform for future positive action. In the past, analysts even identified higher lows and a symmetrical or circular pattern, frequently linked with trend continuation. These indicators imply that LUNC is getting ready for a breakout.
However, these technical indicators flashed mixed signals as of this writing. For instance, the Relative Strength Index (RSI) rested at 43.49, suggesting bearish momentum. Still, the indicator hovered around neutral territory, suggesting possible stabilization.
Additionally, the MACD flashed a bearish crossover, with the line at -0.0000087 below the signal line at -0.00000362, showing weak momentum. The key support detected at $0.00009883 must be held for any recovery to develop.
What LUNC’s Derivatives Market Reveals
The derivatives market for Terra Classic hit $8.9 million following a 7.4% increase in 24-hour trading volume, per CoinGlass data. This increase suggested that traders were becoming more interested in the token.
However, the Open Interest (OI) declined by 1.94% to $12.6 million, reflecting some closures of existing positions.
Increased trading activity and decreased Open Interest may indicate market players’ indecision. Also, the long/short ratios suggested cautious optimism. On Binance, the ratio is 1.0137, demonstrating near-equal sentiment between long and short holdings. Meanwhile, OKX reports a ratio of 1.5, reflecting a larger positive sentiment among its traders.
Across the broader ecosystem, Terra Luna Classic is nearing key proposal approval before the v3.3.0 upgrade. Per a CNF report, Selenium Protocol, a DeFi platform built on Terra Classic, is set to introduce its testnet. The testnet seeks to refine user-friendly synthetic asset trading on Terra Classic, further expanding the blockchain.
