A crypto analyst named Oscar Ramos posted a YouTube video on Nov. 27th expressing optimism about the near-term prospects of TerraUSD Classic and other coins linked to the struggling Terra ecosystem.
In the analyst’s view, Terra Classic USD (USTC) significant price appreciation over the past day indicates renewed interest in the asset. As of press time USTC is trading at $0.033 after gaining 153% over the last seven days.
I’m just so happy for this. Look at this. That is a price that it hasn’t been since the beginning of 2023.
The analyst attributes USTC’s gains to a combination of factors, including higher trading volumes, token burns, and Binance relisting the token. However, he acknowledges that no one can predict exactly what will happen next.
No one here knows what exactly is going to happen, but you have to understand this is not dead, right? This is not over like a lot of people were saying.
In addition to USTC, the analyst also sees potential for Terra Classic (LUNC). He believes if USTC continues rising, it could positively impact LUNC as well. As of press time Terra Classic is trading at $0.00009922.
More broadly, the analyst cited the recent recovery of crypto exchange FTX’s native token, FTT, as evidence investors may be regaining confidence in assets that were caught up in high-profile crashes earlier this year.
However, the analyst qualified his upbeat prognosis with a note of caution: “You really never have to roll cryptos, right, unless they officially shut down.”
In other words, as long as USTC and LUNC remain actively traded, potential still exists.
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