LUNC’s community has worked continually towards reviving the ecosystem’s native LUNC token. However, recent data from this artificial intelligence (AI) algorithm suggests these efforts might not be enough.
LUNC’s Price Prediction
PricePredictions, a state-of-the-art crypto analysis and forecasting platform, has projected Terra Classic (LUNC) to trade at around $0.000076 by the end of this month. PricePredictions combines indicators like average true range (ATR), relative strength index (RSI), and moving average convergence divergence (MACD) to make such forecasts.
Suppose this projection is anything to go by, it means LUNC will experience a decrease from its current price by August 31, 2023, with LUNC currently trading at around $0.000079, according to data from CoinGeko.
While this news is undoubtedly bearish for the LUNC community, there was more to cheer about following Binance removing 1.14 billion tokens from circulation as part of the LUNC burn mechanism. LUNC’s price also surged following this news, although it has since retraced.
While the machine-learning prediction indicates a potential decline in LUNC’s price, it is important to note that the recent price spike following the Binance announcement demonstrates that positive developments can potentially reverse the trend of Terra Classic.
Such events could potentially mean that we could see more uptrend from the token as the community continues to propose solutions that could see regain the confidence of investors and push its once stablecoin USTC to re-peg with the dollar.
Token price sitting at $0.00007937 | Source: LUNCBUSD on Tradingview.com
USTC Decision Likely To Affect LUNC
Vegas, a member of the LUNC community, had earlier proposed in a tweet that the $800 million USTC tokens linked to the Ozone protocol should be returned to the Terra Classic community pool because of the ineffectiveness of the project and its failure to adhere to the proposed development plan.
Meanwhile, there has been a conflicting proposal from Alex Forshaw, a co-author of the Terra Classic Revival Roadmap, who has proposed that the $800 million USTC tokens be burned instead. He believes that validators and stakers who have a strong influence on the ecosystem will most likely dump their tokens, leading to a further decline in the token’s value.
While whatever proposal the community moves forward with will affect USTC’s price with the hope that it finally reclaims its peg with the US dollar, it will most likely affect LUNC’s price too.
Currently, LUNC’s price is trending at $0.00007925, down 1.62% in the last 24 hours and 3.08% in the last 7 days. However, this downtrend could quickly reverse if the community is able to figure out a way to re-peg USTC to the US dollar.
Featured image from Coin Culture, chart from Tradingview.com