A well-known cryptocurrency analyst who runs the YouTube channel 2BitCrypto believes that Terra Classic still has significant room for price appreciation in the coming weeks and months. The comments follow the coin trading at $0.000245 after a 142% price increase in the last seven days.
In a video published on December 4, the analyst explained that Terra Classic (LUNC) has already seen impressive gains, rising over 200% in the past month. However, he believes strategic moves by Terraform Labs and other developments could further boost momentum.
In particular, the analyst highlighted that Terraform Labs' recent injection of $10 million into three LUNC liquidity pools has provided the necessary foundation. He believes this demonetizes the product and shows the profound impact strategic investments in cryptocurrencies can have.
Additionally, the analyst noted that LUNC's pairing with stablecoin Terra Classic USD (USTC) benefited both assets as USTC also rallied to regain its $1 peg. He believes that if the prices of both continue to rise, it will be easier to stabilize USTC at $1.
Regarding price targets, the analyst said that LUNC is likely to cross $0.02 in the near term. He also noted that the current trading volume of around $550 million represents a 45% increase, indicating that there is still a lot of interest and scope for further gains.
Ultimately, the analyst believes that the partnership with Terraform Labs and integration with other blockchains have given LUNC compelling foundations for future growth. He suggested that further news surrounding partnerships and listings could also act as catalysts for LUNC's strong technical indicators.
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