Although the price of Terra Classic (LUNC) briefly skyrocketed after Binance announced its support for the Terra network upgrade, it has been recording declines in recent days, and machine algorithms do not predict things to get any better by the end of August.
Indeed, the advanced machine learning algorithms deployed on the cryptocurrency monitoring and forecasting platform PricePredictions have projected that Terra Classic would trade at $0.000076 on August 31, 2023, according to the latest data retrieved on August 2.
As per the above prediction, based on indicators such as average true range (ATR), relative strength index (RSI), moving average convergence divergence (MACD), and others, the rebranded native coin of the disgraced Terra (LUNA) ecosystem could drop its price by 5.66% compared to its present situation.
Terra Classic price analysis
At press time, Terra Classic was changing hands at the price of $0.000803, suggesting an increase of 1% in the last 24 hours but a decline of 1.07% across the previous seven days, in addition to losing 7.8% on its monthly chart, as per the most recent information seen on August 2.
As it happens, Terra Classic is presently facing its strongest resistance at $0.00008530. At the same time, its strongest support zone rests on the $ 0.00007636 price level, with a bearish sentiment prevailing at 87% against 13% bulls.
Meanwhile, the 1-day technical analysis (TA) gauges over at the crypto analytics website TradingView are bearish themselves, their summary indicating a ‘sell’ at 15, as derived from moving averages (MA) pointing at a ‘strong sell’ at 14 and oscillators in the ‘neutral’ at 8.
Taking into account these factors, the machine predictions could, indeed, prove correct. However, the LUNC price spike following the Binance announcement suggests that the digital asset has the capacity to turn the tide and move in an opposite direction if pushed by a positive development.
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