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Terra Classic more than doubled in a week, analyst weighs in
A notable cryptocurrency analyst who runs the YouTube channel 2BitCrypto believes that Terra Classic still has significant room for price growth in the coming weeks and months. The comments follow the coin trading at $0.000245 after a 142% price increase over the last seven days.
In a video posted on Dec. 4th, 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 fuel further momentum.
Specifically, the analyst highlighted Terraform Labs’ recent $10 million injection into three LUNC liquidity pools as laying necessary groundwork. He believes this demonetizes the product and shows the profound impact that strategic investments can have in crypto.
Additionally, the analyst noted that LUNC’s pairing with stablecoin Terra Classic USD (USTC) has benefited both assets, as USTC also rallied in an attempt to regain its $1 peg. He believes if prices continue rising for both, it will be easier to stabilize USTC at $1.
Regarding price targets, the analyst said LUNC pushing past $0.02 in the short term is likely. He also noted that current trading volumes of around $550 million represent a 45% gain, suggesting there is still healthy interest and room to capture more gains.
Ultimately, the analyst believes the Terraform Labs partnership and integration with other blockchains have given LUNC compelling fundamentals for future growth. He hinted that more news around partnerships and listings could also act as catalysts boosting LUNC’s strong technical indicators.