As the new year unfolds, investors of most cryptocurrencies will be hoping specific assets will rally to reclaim lost glory. One such token is Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem.
Notably, following the scandalous collapse, the LUNC community has implemented different strategies combined with the overall crypto sector support in an attempt to regain previous highs. Indeed, the initiatives are aimed at helping LUNC rally with the assets flashing signs upwards trajectory over the last year.
Consequently, the machine learning-based algorithms at PricePredictions project that LUNC would likely undergo a minor rally for the better part of January. In particular, the platform predicts that LUNC will trade at $0.000155 on January 31, 2023. The 30-day price forecast represents gains of about 0.8% from the asset’s value at the time of publishing.
LUNC price analysis
By press time, LUNC was trading at $0.0001554 with daily losses of over 2%. On the weekly chart, Terra Classic is up over 5%.
Elsewhere, Terra Classic sentiments retrieved from TradingView are dominated by a bearish outlook. A technical analysis summary aligns with ‘sell’ at 9 while moving averages are also expressing the same sentiment at 7. The one-day oscillator gauge indicates ‘neutral’ at 8.
After the epic crash of the Terra ecosystem, it was highly anticipated that related tokens such as LUNC could correct to zero. However, community efforts and development activities have managed to keep the asset’s hopes of revival alive.
All in all, the network is accelerating the burning activity of LUNC tokens to make the asset attractive and increase utility. Although the burning activities appeared to boost the asset’s value, a move by crypto exchange Binance to delay sending LUNC trading fee burn contributions until March 2023 appeared to impact the price. The decision came after the LUNC community voted on a proposal to reverse a decision to transfer 50% of all LUNC burns to a community development pool.
At the same time, the community hopes the newly passed proposal to build a task force to boost its growth will be a catalyst for growth.
Amid the community optimism, LUNC investors will likely follow any developments around the pursuit of Terra founder Do Kwon. Notably, news on possible Kwon’s whereabouts has impacted the token negatively.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.