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Can Terra Classic gain 100% by December 31, 2022? LUNC price analysis

Can Terra Classic gain 100% by December 31, 2022? LUNC price analysis

As the entire cryptocurrency market continues to feel the devastating effects of the crisis related to the crypto exchange FTX and most of its assets are trading in the red, Terra Classic (LUNC) is no exception, but there might still be hope.

For the end of the year, the crypto community over at CoinMarketCap is bullish on the future of Terra Classic. Taking into account the 1,145 votes cast by press time, LUNC is estimated to trade at $0.0003003 on December 31, 2022.

Social LUNC price estimate for December 31, 2022. Source: CoinMarketCap

If the community’s predictions come true, this would represent an increase of $0.0001284 or +74.70% to the decentralized finance (DeFi) asset’s current price, which at press time stood at $0.0001719, down 22.53% on the day.

Terra Classic technical analysis

Meanwhile, the LUNC technical analysis (TA) indicators for the next month are still neutral, whereas the weekly summary is in the ‘strong sell’ zone at 2, in line with the moving averages (MA), which also point to ‘strong sell’ at 2.

At this point, the weekly oscillators are still not refusing to budge from their ‘neutral’ position, with 0 indicators in any direction. The daily oscillator action is also in the ‘neutral’ zone with 8, while the daily summary indicates ‘sell’.

Terra Classic technical analysis. Source: TradingView

As things stand, $0.00033535 is currently considered a resistance level that Terra Classic must reach to turn bullish. However, things might continue downhill if it breaches its support zone at $0.00013076.

LUNC chart analysis 

At the same time, the financial analytics platform TradingShot observed that the next 1D 50-day moving average on Terra Classic’s chart could “deliver a massive rally” for the token, as the trigger for August “was closing above the 1D MA50”.

LUNC price action analysis. Source: TradingShot

Upon closer observation of LUNC’s price index variations over the last 90 days against Bitcoin (BTC), Ethereum (ETH), XRP, and USD-pegged stablecoin Binance USD (BUSD), Terra Classic is demonstrating significantly higher volatility, which justifies the ‘neutral’ long-term technical indicators.

LUNC’s 90-day price index compared to major assets. Source: Finder

Binance still holds onto its LUNC

Earlier, Binance CEO Changpeng Zhao revealed that his company still held onto the LUNC in its inventory while commenting on an analyst’s suggestion that he was considering Alameda Research’s offer to buy $580 million of BNB in exchange for FTT.

On November 8, he reiterated that Binance still held “the LUNC we got from day 1,” never moving it off the address, replying to crypto analyst CryptoAlerts365, who was interested in this information.

All things considered, it remains to be seen whether the Binance CEO’s and crypto community’s bullish attitude or the currently very strong bearish circumstances on the market prevail in LUNC’s long-term future.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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