Since the collapse of the Terra (LUNA) ecosystem, the platform’s original chain Terra Classic (LUNC), it has shown resilience and posted price spikes against broad crypto industry expectations. With LUNC’s meme coins seeming to follow the price trajectory, the token’s value has become a topic of interest as the community tries to keep it alive.
Algorithm predicted Terra Classic (LUNC) price for March 1, 2023
In this context, Finbold examined the possible future price performance of LUNC offered by PricePredictions, a crypto tracking platform that leverages machine learning algorithms. The platform predicts that LUNC will go through a sustained correction in the coming days, trading at $0.000156 on March 1, 2023, according to data received on February 22.
The 30-day price forecast represents a decrease of approximately 2.5% from the asset’s value at the time of publication.
LUNC 30-day price forecast. Source: Price Estimates
Price prediction relies on indicators such as the moving average (MA), relative strength index (RSI), moving average convergence divergence (MACD), and Bollinger Bands (BB), among others.
LUNC price analysis
At press time, LUNC was trading at $0.00016, losing over 4% daily.
LUNC seven-day price chart. Source: Finbold
LUNC basics
Community initiatives in the wake of Terra’s collapse helped LUNC maintain its price after it was threatened with a fix to zero. At the top of the list was increased network development activities that included token burning as part of the increased utility.
Notably, the burn dealt a blow after crypto exchange Binance chose to delay sending LUNC transaction fee burn contributions until March 2023. The decision appeared to affect the Terra Classic’s price.
However, as reported by Finbold on February 13th, Terra Classic Upgrade v1.0.5 has gone live, paving the way for Terra Classic to continue burning on Binance. Indeed, community development initiatives have completed the initial approach of short selling campaigns aimed at keeping the price of LUNC alive.
Meanwhile, LUNC investors will be watching what’s going on around the manhunt and prosecution of its founder, Do Kwon. Kwon, who is now believed to be hiding in Serbia, was formally sued by the Securities Exchange Commission (SEC) for his role in Terra’s collapse. In the previous months, news about Kwon’s arrest had negatively affected the token price.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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