Terra Luna Classic Could Experience a Massive Surge Amid Rising Burn Rate, Analyst Predicts
17.11.2024 13:00 2 min. read Alexander Zdravkov
The price of Terra Luna Classic (LUNC) has faced downward pressure recently, slipping by nearly 11% from its weekly peak.
The token is currently hovering near the critical support level of $0.00010. Despite its struggles, one crypto analyst is optimistic about a potential rally, forecasting a substantial 480% surge in the near future.
Unlike leading cryptocurrencies like Bitcoin and Solana, which have seen impressive gains this year, LUNC has remained in a prolonged bear market, losing over 60% from its 2023 high. However, crypto analyst Javon Marks, known for accurate market predictions, suggests that the token may rebound significantly. Marks estimates that LUNC could climb to $0.000593, marking a remarkable recovery.
This prediction is supported by historical trends and chart patterns. Marks highlights the recurring formation of falling wedge patterns in LUNC’s price history, which often precede sharp bullish breakouts. Based on this technical setup, he anticipates a similar rally that could push the token toward his target.
Two key factors could drive this potential uptrend. First, the Terra Luna Classic burn rate has shown consistent growth, with over 389 billion tokens burned to date. A significant portion of this occurred following Terraform Labs’ closure of the Shuttle Bridge during its bankruptcy proceedings.
Second, broader bullish momentum in the cryptocurrency market could further support LUNC’s price action. If the overall market continues its recovery trend, LUNC may benefit from increased demand and investor interest.
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