This is Why TerraClassic (USTC) is Primed to Re-Pegg to $0.1 Soon!
It was the stablecoin of the Terra ecosystem which kick-started the great compression within the crypto space earlier this year in May. The de-peg created a domino impact within the entire market as many institutions underwent huge losses, creating a massive liquidity crisis within. However, now that the algorithmic stablecoin is gaining significant momentum and regaining its peg, will the crypto space substantiate with positive movements?
Bitcoin price underwent a 50% price slash after the UST lost its peg and dropped to rock bottom levels and continued to struggle to slash a zero in its value. However, after visiting the lowest levels below $0.008, the stablecoin rebounded finely but continues to remain restricted below $0.006 levels.
Meanwhile, now that the USTC price is regaining its lost levels, securing above $0.07 could be the target for the next couple of days.
The USTC price surged nearly 40% in the past couple of hours which raised the peg to $0.0435. While the trading volume after a significant time witnessed a notable upswing which is further embraced with the LUNC burn proposal. Currently, the USTC price appears to aim at the crucial resistance above $0.05 initially. If the price sustains firmly above these levels, then the next price target could be somewhere above $0.07.
However, the TerraUSTC price has been failing to regain above $0.1 ever since the prices dropped heavily in May despite extremely high trading volumes. Therefore, it appears that the current bounce could be just another short-term bounce which may face rejection as it reaches levels close to $0.07. As a matter of fact, the bulls have stepped away from the platform and the asset is failing to gain the investor’s confidence.
On the bright side, if the market sentiments continue to coil up and the Bitcoin (BTC) price continues to trade sideways, the USTC price may find notable bullish momentum to propel it high.Source