After enduring a series of bearish sentiments, Terra Classic (LUNC)- the original chain of the collapsed Terra (LUNA) ecosystem – is currently seeking a new lease on life in the crypto sphere. The community behind Terra Classic has implemented various measures to enhance the token’s utility, and investors are keeping a close eye on LUNC’s price in the days ahead to gauge its potential performance.
According to the latest data retrieved on April 17, PricePredictions, a crypto-tracking platform that leverages machine learning algorithms, is one of the tools utilized to estimate the potential future price of LUNC.
The projection suggests that LUNC could potentially continue to experience bearish price action in the near future. Based on the prediction data obtained by Finbold, the platform projects that Terra Classic could be traded at $0.000124 by April 30.
The forecast 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
Terra Classic faces a crucial juncture in its price trajectory as the token struggles to regain bullish momentum. At present, LUNC is hovering around the $0.0001249 level, down 1.95% from the previous day’s price. However, the token has managed to post a 0.95% gain over the past week, suggesting some degree of resilience in the face of bearish pressures.
According to Finbold’s chart analysis, Terra Classic has a crucial support level at $0.00012, which could act as a springboard for the token’s price if it manages to bounce back from its current downtrend. On the other hand, the token faces a formidable resistance level at $0.00013, which may limit its upside potential in the near term.
Despite its recent struggles, Terra Classic remains a significant player in the cryptocurrency market, with a market capitalization of $736 million that ranks it among the top 70 digital assets by worth. As traders and investors closely monitor LUNC’s price movements, all eyes will be on whether the token can break through its current resistance level and resume an upward trajectory.
LUNC technical analysis
A technical analysis of TradingView suggests that Terra Classic is experiencing bearish dominance in its current price trajectory. According to the analysis, the sentiment gauge for a one-day outlook indicates a ‘strong sell’ sentiment at 16, indicating an unfavorable outlook for the token’s price. Further, the moving averages also reflect a bearish sentiment, with a sentiment gauge of 14.
Finally, according to a report by Korean news outlet KBS, Do Kwon, the founder of blockchain firm Terraform Labs, sent millions of dollars to lawyers before the company’s collapse. The report suggests that the move may have been an attempt to protect his assets and those of his associates amid mounting regulatory and legal challenges facing the firm.
Terraform Labs, best known for its Terra stablecoin, experienced a significant drop in value earlier this year, leading to speculation about the company’s financial position. However, negative news around Do Kwon has seemingly had less and less impact on LUNC’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-april-30-2023/