Terra Classic gears up for major price breakout: Insights from leading crypto expert

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.