Crypto Analyst Javon Marks presented an optimistic narrative for Terra Classic (LUNC). Based on their analysis, the crypto token could eventually see a 13x increase from its current price levels. The analyst alluded to LUNC’s historical pattern as what could drive such parabolic price rise.
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How LUNC Price Could Rise 1,300%
Brands mentioned in an X (formerly Twitter) publish that LUNC confirmed a “major bullish pattern”, signaling a continuation of its bull run for the first price target at $0.00058046. He noted that this 400%-plus move would likely be achieved with the crypto token remaining above the levels it had previously broken out of.
The crypto analyst then raised the possibility of LUNC making a 1,300% move. He stated that LUNC’s previous breakout and run pattern suggests that three targets could be broken above, meaning the crypto token rising to the target price of $0.00139122 from here it is “possible”.
Marks has remained bullish on LUNC for a while and suggested that LUNC’s parabolic rally is a matter of when rather than if. However, he did not provide any specific time frame for when this change is likely to occur. LUNC Fundamentals they should also contribute to this upward trend and push its price to such levels.
One way this is likely to happen is through LUNC burns, which are carried out regularly. The Terra community has burned over 113 billion LUNC tokens since fiery initiative came into effect after the Terra LUNA crash in 2022. This has helped reduce the circulating supply of crypto tokens and could be significant as demand for the token increases.
It is important to note that LUNC is well below its all-time high of $119. However, this suggests that the crypto token has enough room to move significantly higher.
Recent developments in the Terra Classic ecosystem
Genuine Laboratoriesa group of Terra Classic developers, recently announced that the latest version of SDK 47 was ready. The proposed update is expected to be put to a governance vote. The update will introduce significant changes to the Terra network, including a fix for the dyncomm decorator.
Additionally, the update will handle peer-to-peer (p2p) storms on the network and add new features to the Terrad client, which connects developers to the Terra blockchain. It is not known when the proposal will be launched, but it should be soon.
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Meanwhile, the Earth Community also passed recently a proposal to make Allnodes an official organization for the community. Allnodes will be the official source of information on the circulating supply of LUNC, USTC and other native tokens.
At the time of writing, LUNC is trading around $0.0001151, up more than 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Space.com, chart from TradingView