The recent announcement by Binance, one of the leading cryptocurrency exchanges, regarding its support for Terra Classic’s (LUNC) network upgrade to v2.0.1 has added further excitement and price potential around the network.
Binance’s decision to support the upgrade is undoubtedly a positive development for the project, and this is alongside recent price action. Cryptocurrency trading expert Javon Marks has interpreted this as one possible precursor to a substantial price ‘run,’ that has been forming on the LUNC chart.
Marvis recently shared an intriguing insight into the future prospects of Terra Classic. According to the analyst, the digital asset may be on the brink of a significant price rally, potentially surpassing the $0.00139122 mark.
“One of the GREATEST runs for $LUNC can still be on its way as prices are holding BROKEN OUT and trend can be implying $0.00139122 to be met and exceeded,” he noted.
Such an outcome could result in an impressive surge of over 15.3 times the current value.
Analyzing Terra Classic’s price potential
LUNC has recently experienced a period of consolidation, with the cryptocurrency trading at $0.0000906. While the coin has shown a modest 1.26% increase over the past day, it has seen a slight decline of 0.92% over the past week. With a market capitalization of $532 million.
LUNC has recently established key levels in its trading range, with a support level at the $0.00008 mark emerging as a notable support level for Terra Classic. This level indicates a price point at which the cryptocurrency experiences increased buying pressure, preventing it from falling further. The establishment of a support level provides reassurance to investors and traders, signaling that there is a significant demand for LUNC at this price range.
Conversely, the $0.0001 level represents a significant resistance point for Terra Classic. Overcoming this resistance level would require sustained buying momentum and increased demand for LUNC.
Interestingly, as Finbold reported last week, the Terra Classic price had skyrocketed ahead of LUNA 2.0 upgrade that would allow technological parity with LUNA 2.0. The Terra Classic core developer group ‘L1 Joint Task Force’ had earlier upgraded its rebel-2 testnet to version 2.0.0 with Cosmos SDK v0.45, with an aim to enhance functionality and support the transition of the Terra Classic mainnet upgrade.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.