An analyst pointed out the possibility of a 10-fold increase for an altcoin that has not been on the agenda in the past months. He also shared his expectations, pointing to technical signals and KuCoin announcements. Here are the details…
Analyst says “10x” for this altcoin
Last week, an on-chain and technical analysis article shed light on the possibility that Terra will witness a 1,000 percent profit increase in the price of the LUNA Classic. Many analysts rejected the idea that LUNA Classic is salvageable, describing the token as dead, and as a result focused only on LUNA 2.0 instead.
According to analyst Tony M., the ten chain metrics show compelling evidence that the Luna Classic is still living very well. It gives hints that high-capital bulls are buying. Also, according to the analyst, LUNC is showing almost identical techniques to BitTorrent Token’s 2021 bull run, which flattened before rallying 1,000 percent in less than two months. Tony M. uses the following expressions:
After the 500 million transaction increase reported last week and the Kucoin confirmation this week, we can say that the LUNA price still has a future in the cryptocurrency space. A full review of the 10X bull run thesis published last week is highly recommended.
KuCoin support
According to the KuCoin confirmation mentioned by the analyst, the exchange announced that it will support the network update of Terra Classic. Analyst Tony M. pointed to the KuCoin exchange supporting the Terra Classic (LUNC) network upgrade. The company published a note on its site containing three important adjustments:
- The Terra Classic (LUNC) network upgrade will take place at the Terra Classic mainnet block height of 9,109,990, i.e. August 27 at 01:00 CEST.
- Due to the Terra Classic (LUNC) upgrade, KuCoin will suspend deposit and withdrawal services for Terra Classic (LUNC) mainnet tokens on August 27, 2022 at 00:00 CEST.
- All mainnet Terra Classic (LUNC) tokens deposit and withdrawal services will be pending during the upgrade. Users are advised not to deposit or withdraw funds until the upgrade is complete.
LUNC rose in the past 24 hours, then fell
According to the data, Terra Classic (LUNC), the original chain of the Terra (LUNA) token, is recording increased buying pressure, which has increased its value. In particular, the interest in the token seems to be challenging the ongoing crypto market volatility. LUNC is up 21 percent in the last 24 hours, trading at $0.0012. The value had climbed to $0.0013 in the early trading hours of August 26. Also, the community continues their LUNC burns. According to the live LUNC burn tracker, 3.08 billion tokens have been burned to date. However, given the history of cryptocurrencies, it is worthwhile for every investor to invest in their own research.
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