Terra Classic (LUNC), the original chain of the collapsed Tera (LUNA) ecosystem, is still attempting to sustain its valuation following the initial projection of plunging to zero. However, with several community initiatives, LUNC hopes to reclaim its previous highs.
In this line, Finbold has reviewed LUNC’s price projection for the end of the year based on the artificial intelligence (AI) prediction tool CoinCodex. According to the forecast, LUNC is likely to trade at $0.0000780 on December 31, 2023, according to data retrieved on February 24.
The price projection represents gains of about 53% from LUNC’s value at the time of publishing.
The platform that takes into consideration various technical analysis (TA) indicators suggests that LUNC is in line to experience an extended bullish future. For instance, the platform indicates that Terra Classic is likely to rally by about 493.81% and trade at $0.000992 by February 27, 2024, a little over a year from now.
LUNC price analysis
By press time, LUNC was trading at $0.0001676 with daily gains of almost 2%. The token has undergone short-term buying pressure that has elevated LUNC’s market cap to hit $1.02 billion.
Elsewhere, based on technical analysis, the one-day gauges on TradingView are dominated by bearish sentiments. A summary aligns with ‘sell’ at 11, with moving averages going for a ‘strong sell’ gauging at 10. Oscillators remain neutral at 9.
It is worth noting that with LUNC taking the trajectory of meme cryptocurrencies, the community has increasingly focused on initiatives such as the burning of excess tokens in a bid to give Terra Classic more utility.
Furthermore, LUNC followers expect the recent Terra Classic Upgrade v1.0.5 will likely inspire a possible rally. Notably, the network upgrade allows the resumption of Terra Classic burning on Binance.
On the other hand, it recently emerged that Terra Classic developers might be looking for support through a grant from Binance. The developers under, TerraCVita, sought the community’s opinion regarding the idea.
The LUNC community needs to be cautious of elements likely to invalidate any possible rally. For instance, with the Securities Exchange Commission (SEC) formally charging founder Do Kwon, the case outcome might impact the token’s trajectory. Historically, Terra Classic value has plunged in reaction to news involving the capture and prosecution of Kwon, who remains on the run.
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