Terra Classic cryptocurrency poised for 567% breakout, analysts say

Terra Classic token (LUNC) has caught the eye of investors as it gears up for a significant breakout, with technical indicators and on-chain activity pointing towards a potential surge of 567%.

Amidst the current market volatility, LUNC stands out with its promising technical patterns, offering a potential lucrative opportunity for traders and investors.

At the time of writing, LUNC is priced at $0.00008326, showing a modest increase of 0.85% in the last 24 hours.

Analyst Javon Marks recently shared a technical analysis on X platform, noting a strong breakout from a long-term descending triangle pattern, a classic sign of an imminent uptrend.

With the RSI showing signs of momentum building up, analysts have set a target price of $0.000593, representing a massive gain of over 567% from the current levels.

Confirmation of LUNC’s Breakout from Triangle Pattern

Recent technical charts confirm the breakout of LUNC from a descending triangle pattern that persisted for more than 150 days.

The key support level as of press time stands around $0.00008, while the resistance level is anticipated near $0.00012, with the RSI indicating a positive momentum that could lead to a notable price increase.

Increasing Transaction Volume and TVL Insights

On-chain data supports the optimistic outlook for LUNC, with a substantial increase of 32.46% in daily transaction volume over the past 24 hours, indicating a growing interest from traders.

Despite the Total Value Locked (TVL) sitting at $2.2 million, significantly lower than historical peaks, the rising transaction volume suggests short-term positivity among market participants.

The OI-Weighted Funding Rate for LUNC remains positive, standing at 0.0010% at the time of writing, implying that long positions are willing to pay funding fees to uphold their positions, underscoring confidence in the bullish direction of the market.

This optimistic Funding Rate aligns with the overall bullish sentiment in the market, reinforcing the technical analysis and hinting at potential further gains for LUNC.

Both technical and on-chain indicators signal the possibility of a substantial breakout for LUNC, making the upcoming days crucial in determining whether this bullish momentum can be sustained.