Despite the majority of digital assets in the cryptocurrency market demonstrating renewed strength in 2023, this has not been the case for Terra Classic (LUNC), the rebranded cryptocurrency of the distressed Terra (LUNA) ecosystem, and more pain could be in store, according to the machine learning-based prognosis.
Indeed, the machine learning algorithms deployed by the crypto monitoring and analysis platform PricePredictions have projected that the price of Terra Classic on April 30, 2023, would amount to $0.000119, according to the data retrieved by Finbold on April 6.
If the projection, which relies on technical analysis (TA) indicators, including average true range (ATR), relative strength index (RSI), moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB), and others, proves correct, it would mean a 2.38% decrease on the current price of LUNC.
LUNC price analysis
Meanwhile, Terra Classic was at press time changing hands at the price of $0.0001219, which represents a decrease of 1.71% in the previous 24 hours, adding up to the losses of 1.82% on its weekly, and 16.52% on its monthly chart, as the most recent data indicates.
As things stand, the sentiment around LUNC on the one-day gauges featured on the finance and crypto analytics platform TradingView is largely bearish. Specifically, its summary demonstrates a ‘sell’ sentiment at 14, which is the result of oscillators suggesting ‘buy’ at 2 and moving averages in the ‘strong sell’ area at 14.
All things considered, Terra Classic is in for a challenging few weeks as it struggles with the aftermath of the arrest of Terraform Labs founder Do Kwon in Montenegro. Kwon was caught by the authorities after a prolonged manhunt and reports of his hiding in the neighboring country of Serbia.
That said, the coin’s luck could change if the crypto trading platform Binance approves a $5 million funding application from the Terra Grants Foundation, for which it applied in December 2022, according to the report disclosed by the foundation’s Director, Edward Kim.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
