As the new year progresses, investors of most cryptocurrencies will be hoping that certain assets will rally to reclaim the lost glory. One such token is Terra Classic (LUNC), the original chain of the crashed Terra (LUNA) ecosystem.
The algorithm determines the Terra Classic (LUNC) price for January 31, 2023!
Notably, following the scandalous collapse, the LUNC community implemented different strategies to regain previous highs, along with general crypto industry support. Indeed, the initiatives aim to help LUNC rebound with assets that have posted bullish signs over the past year.
As a result, machine learning-based algorithms at PricePredictions predict that LUNC will likely experience a minor rally for most of January. The platform specifically predicts that LUNC will trade at $0.000155 on January 31, 2023. The 30-day price forecast represents gains of approximately 0.8% from the asset’s value at the time of publication.
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 30-day price forecast chart. Source: Price Estimates
At press time, LUNC was trading at $0.0001554 with losses of over 2% daily. On the weekly chart, Terra Classic is up over 5%.
LUNC seven-day price chart. Source: Finbold
LUNC basics
After the epic collapse of the Terra ecosystem, it was predicted that related tokens such as LUNC could be corrected to zero. But community efforts and development activities have managed to keep hopes of the asset’s revival alive.
As a result, the network is accelerating the burning of LUNC tokens to make the asset attractive and increase utility. While the burn activities seem to increase the value of the asset, the crypto exchange Binance’s move to delay sending the LUNC transaction fee burn contributions until March 2023 has impacted the price. The decision came after the LUNC community voted on a proposal to reverse the decision to transfer 50% of all LUNC burns to a community development pool.
At the same time, the community hopes that the newly accepted proposal to create a task force to accelerate its growth will be a catalyst for growth.
Amid the community’s optimism, LUNC investors will likely follow the trail of Terra founder Do Kwon. In particular, news of the possible Kwon’s whereabouts weighed on the coin.
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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