LUNC could fuel a 1100% rise.

• Terra Classic has mixed indicators in the chain, but with potential positive growth prospects.
• The LUNC ecosystem is eyeing a major v3.3.0 upgrade that could boost sentiment.

The crypto market is watching Terra Luna Classic (LUNC) as key trends point to a potential bullish breakout. This move could see LUNC rise to new highs and even rise 1100%.

Historical LUNC price trend

UX publishmarket analyst Javon Marks noted that LUNC’s recent performance is similar to the previous cycle. The analyst stated that the previous breakout for LUNC successfully met three major price targets thanks to high volume and market involvement.

There may be a big reason for $ FURTHER (Terra Classic) action that requires patience!

The previous breakout and run resulted in 3 targets being met so prices, holding another breakout, could be setting up for a similar performance that could lead to a rally of over 1100% to and beyond… pic.twitter.com/qrzJjyIFCy

— JAVON⚡️MARKS (@JavonTM1) December 30, 2024

According to Marks, LUNC is preparing for another breakout, which could result in a jump of over 1,100%. He predicted LUNC price targets above $0.00058046, $0.00098584 and $0.00139122. The analyst argues that LUNC could reach these price targets, especially if bullish momentum develops under favorable conditions.

At press time, The price of LUNC was at $0.0001116which was up 3.24% in the last 24 hours, but down 6.6% in the past week. However, the 24-hour trading volume increased by 8.29% to $45.53 million, indicating an increasing willingness of investors to accumulate the token.

(mcrypto id=”431029″)

Furthermore, LUNC has a circulating supply of 5.5 trillion tokens, with a market cap of $596.7 million.

Terra Classic’s price chart revealed a consolidation phase, one that could serve as a platform for future positive action. In the past, analysts have even identified more lows and a symmetrical or circular pattern, often associated with a trend continuation. These indicators suggest that LUNC is poised for a breakout.

However, these technical indicators have been flashing mixed signals as of this writing. For example, the Relative Strength Index (RSI) was at 43.49, indicating bearish momentum. Nevertheless, the indicator moved around the neutral area, which indicates a possible stabilization.

Additionally, the MACD has flashed a bearish crossover, with the line at -0.0000087 below the signal line at -0.00000362, showing weak momentum. The key support detected at $0.00009883 must hold for any recovery to develop.

What LUNC’s derivatives market reveals

The derivatives market for Terra Classic reached $8.9 million after a 7.4% increase in 24-hour trading volume, per CoinGlass data. This increase suggested that traders are becoming more interested in the token.

However, Open Interest (OI) decreased by 1.94% to $12.6 million, reflecting some closing of existing positions.

Increased trading activity and reduced open interest may indicate indecision among market players. Also, long/short ratios suggest cautious optimism. On Binance, the ratio is 1.0137, showing almost equal sentiment between long and short holdings. Meanwhile, OKX is reporting a ratio of 1.5, reflecting greater positive sentiment among its traders.

In the wider ecosystem, Terra Luna Classic is nearing approval of a key proposal before the v3.3.0 upgrade. According to CNF reportSelenium Protocol, a DeFi platform built on Terra Classic, is set to unveil its testnet. Testnet seeks to improve user-friendly synthetic asset trading on Terra Classic, further expanding the blockchain.