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Analyst Upbeat On USTC, Sees Price Soaring Over 300%

Analyst Upbeat On USTC, Sees Price Soaring Over 300%

USTC has shown notable price movements of late. From an abrupt drop earlier in the year to an optimistic current return, both experts and investors find appeal in the digital asset.

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USTC plummeted more than 51% from $0.330 at the start of the year, to $0.1660. This huge drop made people wonder what the future holds for buyers in the stablecoin. But this week, market data showed that things got better: the price of USTC went 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 renewed their excitement.

USTC up in the last 24 hours. Source: Coingecko

Crypto Analyst’s Breakthrough Prognosis

Noting a confirmed bullish divergence pattern, renowned crypto specialist Javon Marks gave USTC some positive words. He projects a likely upside of more than 360% with a breakout target of $0.08097. From the current levels, USTC could show a big comeback and provide good returns to those who have survived the past crisis.

Technical Views

The creation of higher lows on the price chart indicates that buyers are entering the market at prices that are gradually increasing. This means that demand is growing, which may indicate that the uptrend will continue. Another piece of evidence that supports the positive prognosis for USTC is this technical insight.

USTC is seen to encounter critical support and resistance levels that could potentially impact its future trajectory, despite the optimistic technical patterns. As of mid-April 2024, USTC is currently circling a critical support level. 

Total crypto market cap at $2.06 trillion on the daily chart: TradingView.com

In  another development, Binance gave the Terra Luna Classic community some support for their LUNC burn effort meant to cut supply. A post by Binance community associate Diana generated discussion in the community by implying that the plan is also part of the USTC resurrection strategy. Popular community member Mr. Diamondhandz1 added to this narrative that Binance is helping with the USTC rebirth in addition to their monthly LUNC…

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