Terra Classic (LUNC) has gained momentum, rising 180% this year, supported by leading crypto exchanges like Binance. It has increased by over 400% since October last year. One analyst notes that there is still more than 270% upside potential in LUNC. Because according to the analyst, the upward formation continues.
LUNC Price Ready for 270% Rally
Analyst Javon Marks explained in a post on X that the LUNC price is still moving higher and the rally has not stopped yet. Terra Classic price is poised for gains of more than 270% amid the bull market, according to the analyst.
He predicts a target price of $0.00058046 as the next bullish breakout to take prices on a monumental run. The price prediction is based on the formation of a major bull pennant pattern on the long timeline. A breakout is awaited for LUNC price to move towards the $0.0005 level, coinciding with the Bitcoin halving in mid-April.
It is also important to note that the next important resistance level for LUNC is $0.0002. LUNC price peaked at $0.000255 in early March. In this context, it is possible to reach this level again in the middle of the bull market. It is also worth noting that $0.00015 is a local support.
Futures and spot markets appear to be providing enough support for further upside momentum right in the middle of a bull market. Net LUNC and 1000LUNC futures open positions are around $40 million on average. Open interest in futures increased (2%) in the last 4 hours.
Developments in Terra Classic
Earlier this week, the Terra Classic community successfully implemented a major update. It is stated that great success has been achieved especially with the v2.4.2 update. Following this success, the community strengthens its belief that the LUNC price can reach the $1 level. With the addition of IBC-Hooks, dApps, especially Enterprise DAO, will be integrated into Terra Luna Classic.
Additionally, it was stated that progress has been made regarding the Terra Classic Security Package update announced by Genuine Labs. This update is designed to increase security, functionality and compatibility. The developer team aims to complete all these developments within 8 weeks.
At the same time, the LUNC burning campaign surpassed a 105 billion milestone with massive support from crypto exchanges and projects. The community continues its work for public service. In this context, he states that the increase in TVL (Total Key Value) will be clearly visible in the next few months.
