Terra Classic faces top 100 exit as sell-off intensifies

One year ago, Terra Classic (LUNC) saw two billionaire market cap new highs in a row. The first was $1 billion on September 1, 2022, followed by another $1.7 billion one week later. However, 2023 has been a tough year for Terra Classic investors, with LUNC losing over 60% of its value year-to-date (YTD), and close to 80% since these past reports.

At the time of publication, LUNC is on the verge of crashing out of the top 100 cryptocurrencies ranked by market cap on CoinGecko’s rank (as the 100th largest crypto), while still securing slightly higher grounds on CoinMarketCap’s rank (as the 92nd largest cryptocurrency).

Notably, Terra Classic lost another $37 million in market cap in the last seven days, making LUNC the “Top Loser” of the week according to the Gainers & Losers index, by CoinMarketCap, with accumulated losses of 9.68% in the period.

Gainers and Losers — 1-Week Top Losers.
Gainers and Losers — 1-Week Top Losers. Source: CoinMarketCap

Meanwhile, LUNC has a market cap of $340 million by press time, previously registering a value of $377 million one week ago. Before that, Terra Classic had a market cap of $900 million on January 1, 2023 — half of its observed market cap in September 2022.

Terra Classic (LUNC) 1-year stats.
Terra Classic (LUNC) 1-year stats. Source: CoinMarketCap

LUNC price forecasts are mostly bearish

Interestingly, current prices for Terra Classic of $0.0000586 are close to what was correctly forecasted by a machine learning algorithm, with a projection of $0.000057 per LUNC by October 1, reported by Finbold two weeks ago on September 21.

This same machine-learning algorithm foresees even more losses in the coming weeks, setting LUNC’s price at $0.000055 by October 31. The prediction was gathered by using several key technical indicators, including the moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more.

Nevertheless, Terra Classic’s support level at $0.00005 denotes a critical price zone where buying demand could increase on the exchange’s order books. This interplay between bearish forecasts and support levels unveils the underlying battle between bulls and bears within LUNC’s market ecosystem.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Comments

No comments to show.
New Bookmakers
Playfina.com

The newest member of DAMA N.V. family offers more than 6000 games and accepts a wide range of cryptocurrencies, which are arguably the most widely used form of payment for gamblers right now.

Cryptoplay.io

In the year 2021, Cryptoplay Casino went live for the first time. To bitcoin enthusiasts, the online gaming site offers an amazing game library, exclusive bonuses, and promotions.

CryptoGames

Since its inception in 2014, this crypto casino has amassed a sizable following and an even stronger reputation. This all-crypto casino has 8 Provably Fair games, a faucet, and the ability to utilize one of ten cryptocurrencies.

PlayAmo

In general, if you're looking for information on the PlayAmo casino's features and idiosyncrasies, you'll find it here.

Oshi

Oshi Casino is a bitcoin casino with a simple instant-play interface that accepts euro deposits as well as other cryptocurrencies like Ethereum.