Can Terra Classic Rise From The Ashes? Analyst Foresees 1,500% Price Increase

Christian Encila

11 months ago

3 mins read

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Once more drawing investor interest is Terra Classic (LUNC), the phoenix trying to emerge from the ashes of the tragic TerraUSD collapse. While well-known crypto expert Javon Marks throws a far more dramatic 1,500% leap into the ring, Coincodex analysts estimate a modest 10.7% price rise by July 25th. Is LUNC then ready for a bullish breakout, or is this yet another illusion in the erratic crypto desert?

A Token Reborn: LUNC Capitalizes On Market Volatility

Once the pillar of the collapsed TerraUSD (USTC) stablecoin ecosystem, LUNC has surprised us. LUNC has shown amazing durability as USTC lost her peg to the US dollar and sank into oblivion.

With an 82% price increase over the past 24 hours, the contentious coin shows ongoing investor curiosity. This resiliency is matched by a larger market trend whereby investors, cautious of conventional assets, are running to digital currencies thought to have great recovery potential.

Analyst Divided: Measured Optimism Vs. Moon Shot

Coincodex presents a wary but hopeful picture. Their estimate of a 10.7% increase points to LUNC perhaps climbing slowly and steadily. This fits the modest “Fear & Greed Index” that shows a wary market right now.

We remain here $LUNC (Terra Classic)’s first target at $0.00058046, implying a more than +594% upside from here to reach it in response to a long-standing breakout.

Trend-Wise, based on the previous breakout and climb, this level can be exceeded with heights of $0.00139122 being… https://t.co/rAbwsHIkqY pic.twitter.com/XOYdulvUc8

— JAVON⚡️MARKS (@JavonTM1) June 24, 2024

But analyst Javon Marks throws a wrench in the mix with a far more bold estimate. Aiming at a price of $0.00139122, Marks projects a possible 1,500% price increase. Based on historical data combined with recent price increases, LUNC is almost in a breakout phase, which shapes this optimistic view.

A Balancing Act Of Hype And Reality

Although Marks’s estimate is quite appealing, past patterns in the bitcoin market abound with failed “moon shot” forecasts. Long-term price forecasting is famously erratic in the crypto market because of its great volatility.

Technical indicators also currently point bearish, implying possible brief price declines. Investors should also take into account the continuous legal disputes around the Terra ecosystem, which can throw doubt on LUNC’s future.

LUNC is now trading at $0.000081. Chart: TradingView

Terra Classic Rejects Validator Expansion Proposal

Proposal 12116, which aimed to raise the validator set of the blockchain from 100 to 130, has been rejected by the Terra Luna Classic community meantime. This idea developed following a $4.5 billion settlement between US Securities and Exchange Commission member Terraform Labs founder Do Kwon. Incorporating Terra Luna v2 validators would help to improve the decentralisation of the network, hence maybe indicating a direction towards unity inside the Terra ecosystem.

Still, the plan lacked enough support in the voting on governance in the community. Important considerations in the choice were worries about including Luna v2 validators, the possible effects on network security and performance, and the wish to keep a unique identity for Terra Luna Classic.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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