As the cryptocurrency industry is struggling with increased regulatory pressure, many of its assets are recording modest gains at best, but Terra Classic (LUNC) is one of the few that has seen a significant decline since the year’s end.
Regardless, the crypto community is bullish on Terra Classic, as evident in votes of members of the cryptocurrency monitoring platform CoinMarketCap, which have projected that the average LUNC price on May 31, 2023, will amount to $0.0001375, as per data accessed on May 18.
Should the community’s above predictions, based on 628 votes cast until press time, come true, they would represent a +$0.00004654 or +51.19% increase to the digital asset’s current price, which at the time of publication stood at $0.00009092.
Terra Classic price analysis
Indeed, the current price of LUNC represents an increase of 0.65% in the last 24 hours and 0.74% across the past seven days as it tries to mitigate the losses of 28.49% accrued over the previous month, according to the latest information retrieved on May 18.
At the same time, the one-day technical analysis (TA) gauges at the finance and crypto tracking website TradingView are more bearish on LUNC than the crypto community. Specifically, their summary indicates a ‘sell’ at 14 – the result of oscillators in ‘neutral’ at 8 and moving averages (MA) pointing to a ‘strong sell’ at 13.
Whether LUNC truly manages to fulfill the optimistic prognosis of the CoinMarketCap community will depend on various factors, including further developments around the ecosystem. In fact, one of these events is the upcoming major upgrade that would allow its technological parity with LUNA 2.0 and it has already contributed to the asset’s price growth.
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