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Analyst Upbeat On USTC, Sees Price Soaring Over 300%

Bena Ilyas
Bena Ilyas
4 months ago
3 mins read
USTC

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USTC has shown notable price movements of late. From an abrupt drop earlier in the year to an optimistic current return, both experts and investors find appeal in the digital asset.

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USTC plummeted more than 51% from $0.330 at the start of the year, to $0.1660. This huge drop made people wonder what the future holds for buyers in the stablecoin. But this week, market data showed that things got better: the price of USTC went up by more than 10%. This good news has given people new hope that the asset might be able to come back to life and renewed their excitement.

USTC up in the last 24 hours. Source: Coingecko

Crypto Analyst’s Breakthrough Prognosis

Noting a confirmed bullish divergence pattern, renowned crypto specialist Javon Marks gave USTC some positive words. He projects a likely upside of more than 360% with a breakout target of $0.08097. From the current levels, USTC could show a big comeback and provide good returns to those who have survived the past crisis.

$USTC (Terra Classic USD) has confirmed a bullish divergence pattern while maintaining a major set of Higher Lows that can suggest an uptrend to still be in-tact and a more than 360% upside from here!

With prices already being broken out and $0.08097 as the breakout target,… https://t.co/qhghFWXNbm pic.twitter.com/yFpQ2pmJDT

— JAVON⚡️MARKS (@JavonTM1) July 10, 2024

Technical Views

The creation of higher lows on the price chart indicates that buyers are entering the market at prices that are gradually increasing. This means that demand is growing, which may indicate that the uptrend will continue. Another piece of evidence that supports the positive prognosis for USTC is this technical insight.

USTC is seen to encounter critical support and resistance levels that could potentially impact its future trajectory, despite the optimistic technical patterns. As of mid-April 2024, USTC is currently circling a critical support level. 

Total crypto market cap at $2.06 trillion on the daily chart: TradingView.com

In  another development, Binance gave the Terra Luna Classic community some support for their LUNC burn effort meant to cut supply. A post by Binance community associate Diana generated discussion in the community by implying that the plan is also part of the USTC resurrection strategy. Popular community member Mr. Diamondhandz1 added to this narrative that Binance is helping with the USTC rebirth in addition to their monthly LUNC burning.

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In almost half of the entire 126 billion tokens burnt by the community, over 62 billion LUNC have been decimated by Binance. The community is depending on Terraform Labs to burn USTC in their wallets while the USTC repeg strategy is yet to be finalized. Former Binance big boss Changpeng Zhao recently disclosed that the exchange invested $3 million in Terra but has not sold or relocated its LUNC assets.

As a result, LUNC’s price climbed by more than 1% to $0.00007192; it fell short of the $0.000072 threshold. The 22% drop in the 24-hour trading volume suggested lower trader enthusiasm. Likewise, USTC’s price increased 0.50% to $0.01608; market uncertainty caused a 41% decrease in trading activity over the past 24 hours.

Source: Coincodex

USTC Price Forecast

Meanwhile, USTC’s price is predicted to rise by about 8% by August 10, 2024, reaching $0.0172. This prognosis shows a likely upward advance based on various technical signs even with the current negative outlook. At 29, the Fear & Greed Index currently captures market concern. Apart from a 9.84% price volatility, USTC observed fourteen green days in the last thirty days.

Featured image from BTCC, chart from TradingView

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Bena Ilyas
Bena Ilyas

Bena Ilyas

Benna Ilyas is a finance and cryptocurrency enthusiast who has been writing about Bitcoin and the blockchain since 2021. She is an author at Bitcoinist and NewsBTC, and she also runs his blog, where he writes about all things related to crypto and finance.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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