Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, is still looking for a lifeline in the crypto space after facing weeks of bearish sentiments. With the Terra Classic community putting in place measures to help the token gain some utility, investors are monitoring LUNC’s price on how it will perform in the coming days.
In this line, PricePredictions, a crypto-tracking platform that uses machine learning algorithms, is among the tools utilized to determine the potential LUNC price for the future. As per the prediction retrieved by Finbold, the platform projects that Terra Classic is likely to trade at $0.000174 by March 31, according to data obtained on March 2.
The projection indicates that LUNC will potentially sustain bullish momentum in the coming days, with the forecast representing gains of over 2% from the token’s price at the time of publishing. Initially, the tool had projected that LUNC was likely to trade at $0.000156 on March 1.
The forecast is guided by indicators such as moving average (MA), relative strength index (RSI), moving average convergence divergence (MACD), and Bollinger Bands (BB), among others.
LUNC price analysis
Currently, Terra Classic has recorded daily gains of over 2% to trade at $0.000169.
A review of the technical analysis on TradingView indicates that LUNC is under dominance by bullish sentiments. A summary of the one-day technicals points to ‘buy’ sentiment gauging at 10. Moving averages and oscillators face the same sentiment gauging at 8 and 2, respectively.
LUNC accelerates network development
The bullish projection and technical analysis is good news for the LUNC community, considering that the asset ended the last month on a bearish note. The bullishness has been boosted by network initiatives around burning excess LUNC coins.
In particular, the network underwent a critical upgrade that seeks to restore the functionality of the Binance LUNC burn mechanism. The upgrade is expected to improve the overall stability and security of the general Terra ecosystem.
Concerns have also been raised regarding the growing LUNC number of validators. The controversy has emerged, considering that some validators provide staking services at zero commission. In this case, some key network players have argued that the approach translates to zero development.
Besides the network upgrades, the development around the case against founder Do Kwon by the Securities Exchange Commission (SEC) will likely influence the trajectory of all Terra ecosystem tokens.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
