As the year 2023 approaches, cryptocurrency market players are beginning to consider what the new year will bring for some of the leading digital assets, including Terra Classic (LUNC), which despite the epic crash, has managed to retain a strong level of interest among retail crypto traders.
With this in mind, the machine learning algorithms at the crypto tracking platform PricePredictions have projected that LUNC will be changing hands at the price of $0.000126 on January 1, 2023, according to data retrieved by Finbold on December 21.
The machine learning algorithm uses technical indicators such as moving averages (MA), relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands (BB), and others; the platform predicts a decrease of 3.07% from the Terra Classic price of $0.00013 at press time.
LUNC 30-day forecast. Source: Price Predictions
Terra Classic gauges
Notably, the sentiment expressed on 1-day gauges over at TradingView is predominantly bearish, its summary currently in the ‘sell’ zone at 13 as oscillators indicate ‘neutral’ at eight and moving averages point to ‘strong sell’ at 11.
LUNC sentiment 1-day gauges. Source: TradingView
Interestingly, at the end of November, the crypto community at CoinMarketCap, predicted Terra Classic to trade at a median price of $0.0002582 on December 31, 2022, as per data from over 1,300 votes retrieved on November 25.
Given the current price of LUNC and the current adverse sentiment prevalent in the market, a move of this magnitude in such a short period seems unlikely.
LUNC price analysis
As things stand, the LUNC token is currently trading at the price of $0.00013, which demonstrates a decline of 3.5% over the previous 24 hours, along with a 22% drop across the week.
LUNC 1-day price chart. Source: Finbold
The total market value of the digital asset stood at $775 million at the time of publication, with Terra Classic ranked 45th by its market cap.
Notably, LUNC has been performing negatively since the news emerged that Terraform Labs founder Do Kwon was hiding in Serbia. In addition, Terra Classic core developers Edward Kim and Tobias Anderson announced they were leaving the Terra Rebels volunteer developer group.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Comments are closed.