USTC has seen significant price movements in recent times. From the sudden drop earlier in the year to the current bullish return, experts and investors are finding the digital asset attractive.
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USTC price has dropped by more than 51% from $0.330 at the beginning of the year to $0.1660. This massive drop has left people wondering what the future holds for stablecoin buyers. But this week, market data shows that things are looking up: USTC price is up by more than 10%. This good news has given people new hope that the asset might be able to come back to life and has renewed their enthusiasm.
Cryptocurrency Analyst Predicts Major Breakout
Noted cryptocurrency expert Javon Marks has noticed a confirmed bullish divergence pattern and given USTC some Positive wordsIt is expected to see a potential upside of over 360% with a breakout target of $0.08097. From current levels, USTC could show a major comeback and provide good returns for those who survived the past crisis.
$USTC (Terra Classic USD) confirmed a bullish divergence pattern while maintaining a large set of higher lows which could indicate that the uptrend is still intact and more than 360% upside from here!
With prices already breaking out and reaching $0.08097 as a breakout target,… https://t.co/qhghFWXNbm pic.twitter.com/yFpQ2pmJDT
— Javon⚡️Marx (@JavonTM1) July 10, 2024
Artistic Viewpoints
Creating higher lows on the price chart indicates that buyers are entering the market at gradually increasing prices. This means that demand is growing, which may indicate that the uptrend will continue. Another evidence supporting the positive USTC predictions is this technical view.
USTC is expected to face critical support and resistance levels that could impact its future trajectory, despite the bullish technical patterns. As of mid-April 2024, USTC is currently hovering around a critical support level.
In another development, Binance has provided the Terra Luna Classic community with some support for far The goal of the coin burn was to reduce the supply. A post by Binance community member Diana sparked a discussion in the community by suggesting that the plan is also part of the USTC revival strategy. Popular community member Mr. Diamondhandz1 added to this narrative that Binance is helping to revive USTC in addition to the monthly LUNC burn.
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Of the nearly half of the total 126 billion tokens burned by the community, over 62 billion LUNC were destroyed by Binance. The community relies on Terraform Labs to burn USTC in their wallets while the USTC repeg strategy is yet to be finalized. Former Binance CEO Changpeng Zhao recently revealed that the exchange invested $3 million in Terra but did not sell or transfer its LUNC holdings.
As a result, LUNC price rose by more than 1% to $0.00007192; it failed to reach the $0.000072 threshold. The 22% drop in trading volume over the past 24 hours indicates a decline in traders’ enthusiasm. Similarly, USTC price rose by 0.50% to $0.01608; the market uncertainty caused a 41% drop in trading activity over the past 24 hours.
USTC Price Forecast
Meanwhile, the price of USTC is It is expected to rise by about 8%. By August 10, 2024, it will reach $0.0172. This prediction shows a potential bullish advance based on several technical signs even with the current negative outlook. At 29, the Fear and Greed Index is currently capturing market anxiety. Apart from the 9.84% price volatility, USTC has seen fourteen green days in the past thirty days.
Featured image from BTCC, chart from TradingView