Since the collapse of the Terra (LUNA) ecosystem, the platform’s original chain Terra Classic (LUNC), has exhibited resilience, recording price gains against broad crypto sector expectations. With LUNC appearing to take the price trajectory of meme coins, the token’s value has become a subject of interest as the community seeks to keep it alive.
In this regard, Finbold has looked at possible LUNC future price performance as presented by the crypto tracking platform PricePredictions, which leverages machine learning algorithms. The platform projects that LUNC will likely undergo a sustained correction in the coming days to trade at $0.000156 on March 1, 2023, according to data retrieved on February 22.
The 30-day price forecast represents a drop of about 2.5% from the asset’s value at the time of publishing.
The price prediction is based on indicators such as moving average (MA), relative strength index (RSI), moving average convergence divergence (MACD), and Bollinger Bands (BB), among others.
LUNC price analysis
By press time, LUNC was trading at $0.00016 with daily losses of over 4%.
Elsewhere, Terra Classic one-day sentiments retrieved from TradingView are dominated by bearish sentiments. A technical analysis summary aligns with ‘strong sell’ at 14 while moving averages are also expressing the same sentiment at 12. The oscillator gauge indicates ‘sell’ at 8.
LUNC fundamentals
Following the collapse of Terra, community initiatives have helped LUNC sustain its price after facing increased threats of correcting to zero. Top of the list has been increased network development activities, mainly involving token burning as part of increasing utility.
Notably, the burning hit a bump after crypto exchange Binance opted to delay sending LUNC trading fee burn contributions until March 2023. The decision appeared to impact the price of Terra Classic.
However, as reported by Finbold on February 13, the Terra Classic Upgrade v1.0.5, went live, paving the way for the resumption of the Terra Classic burning on Binance. Indeed, the community development initiatives complemented the initial approach of short squeezes campaigns that aimed to keep LUNC’s price alive.
In the meantime, LUNC investors will be monitoring what is happening around the manhunt and prosecution of founder Do Kwon. At the moment, Kwon, believed to be hiding in Serbia, has formally been sued by the Securities Exchange Commission (SEC) for his alleged role in Terra’s collapse. In previous months, news related to Kwon’s arrest has negatively affected the token’s price.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/machine-learning-algorithm-sets-terra-classic-lunc-price-for-march-1-2023/