Crypto analyst Javon Marks has again provided a bullish narrative for Terra Classic USD (USTC). This time, the analyst predicted that the ‘stablecoin’ could rise by over 360% and revealed when this parabolic run would happen. 

When USTC Will Rise By Over 360%

In a chart shared in an X (formerly Twitter) post, Marks suggested that USTC could begin its 360% parabolic run sometime this month and peak in September. The analyst explained that USTC is still holding a Bullish Divergence and multiple sets of higher lows, indicating that the token is still in a bullish environment, with a 360% recovery run on the horizon. 

Marks added that with prices still broken out, this run could lead to USTC rising to $0.08097 and that it ” may take place at unimaginable speeds.” As part of his analysis, Marks showed that USTC’s relative strength index (RSI) is still hitting higher lows despite the token’s price decline, suggesting that bears may be losing their control with a bullish reversal on the horizon. 

Marks had noted in an earlier analysis how USTC showed “major recovery strength”  as it recorded a price move of over 54% after confirming a key Bullish Divergence. He affirmed that a higher price rally was still in play as his $0.08097 price target remained unchanged. 

USTC is a decentralized and algorithmic stablecoin on the Terra blockchain. It lost its dollar peg during the infamous LUNA crash in May 2022 and dropped to an all-time low of $0.006218 in June 2022. However, since then, the stablecoin has experienced some sort of revival thanks to the USTC burns carried out by the Terra Classic community. 

Data from LUNC Metrics shows that 2.32 billion USTCs have been burned since May 2022, although the stablecoin still has a circulating supply of almost 5.6 billion USTC. Thanks to this, USTC is up by over 150% from its all-time low. However, it remains to be seen if the stablecoin will ever regain its dollar peg. 

Bullish Prediction For LUNC

Marks also recently provided a bullish prediction for Terra Classic (LUNC). He stated that LUNC is “starting to look absolutely primed to go” and that the crypto token could enjoy a minimum 5.7x price gain. In another X post, he explained that LUNC’s price continues to diverge bullishly based on the On-Balance-Volume (OBV) indicator. 

He remarked that this could be a sign that the bears are losing power and that the bulls are getting ready to dominate the market again. He added that the price target for LUNC as it makes this parabolic run is $0.00042986. Marks had previously claimed that LUNC could rise to as high as $0.00139122 in this bull run.

Source: NewsBTC.com

The post USTC Preps For Explosive 360% Run, Crypto Analyst Reveals When appeared first on Crypto Breaking News.

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Filed under: News - @ August 12, 2024 3:30 pm