At the time of the collapse of the Terra ecosystem, most people thought that the token price would drop to 0, but Terra Luna Classic (LUNC), the original chain of the defunct ecosystem, is still struggling to maintain its valuation. LUNC hopes to revive former heights with several side projects
Artificial intelligence (AI) forecasting engine CoinCodex has published its LUNC price prediction for the end of 2023. Data collected on February 24 shows that by December 31, 2023, LUNC is expected to trade at $0.000078.
This forecast represents a drop of almost 53% compared to the LUNC price of $0.00016 at press time.
LUNC 2023 Price Prediction | Source: CoinCodex
CoinCodex reviewed several technical analysis indicators (TA) and predicted a long-term bullish future for LUNC. For example, by February 27, 2024, which is just over a year away, forecasting platform Terra Classic could be up around 493.81% to trade at $0.000992.
Technical analysis shows that TradingView’s daily indicators are dominated by bearish sentiment. The summary shows “Sell” at 11 and the moving average shows “Strong Sell” at 10. Oscillators remain neutral at 9.
It’s worth noting that since LUNC went down the memecoin path, the community has become more interested in projects like burning more tokens to make Terra Classic more useful.
Additionally, LUNC advocates predict that the latest Terra Classic v1.0.5 upgrade may spark a resurgence. Notably, network improvements have allowed Binance to continue burning Terra Classic.
The creator of Terra Classic may be search Funding is provided through grants from Binance. The developers of TerraCVita solicit public feedback on the idea.
The LUNC community needs to be wary of factors that could invalidate any potential bull run. For example, with the U.S. Securities and Exchange Commission (SEC) Formally sue founder Do Kwon, and the outcome of the case could affect the trajectory of the token. Historically, the Terra Classic has plummeted in value following news of the arrest and prosecution of Kwon, who is still at large.
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according to Kyptos