The price of Terra Classic (LUNC) has seen a decline of 3% throughout the preceding 24-hour period, resulting in its value dropping to $0.00005852. Consequently, this altcoin now occupies the 90th position in the hierarchy of cryptocurrency market capitalization rankings.
LUNC has seen a decrease of 9% over the course of the previous week. Although it has shown an increase of 3% over the last 14 days, it continues to exhibit a decline of 1% over the span of a month and a substantial decrease of 81% over the last year.
The observed declines indicate a sustained downward trend that has affected LUNC since 2023. The community associated with the currency has encountered difficulties in their efforts to enhance the value of both LUNC and its associated stablecoin, USTC.
It seems probable that LUNC will have a sustained decline in the future, prompting Finbold to delve into the employment of machine learning algorithms by PricePredictions, a cryptocurrency monitoring and prediction platform, on October 4. The objective was to assess the potential price of LUNC at the end of October based on the latest developments.
According to the analysis, Terra Classic is projected to decline to $0.000055 by October 31. The prediction is gathered by using several key technical indicators, including the moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more.
However, if proactive measures are implemented to enhance its ecosystem and value, there is a possibility of a subsequent resurgence in its price.
Traders losing interest in LUNC
Technical signs show that LUNC is sliding again after riding the market rebound on Monday, October 2.
Several recently agreed governance changes have not significantly impacted LUNC’s price, suggesting that the broader market has lost interest in the cryptocurrency.
New to the ballot for Terra Luna Classic is a proposal to support a team of developers with the stated goal of implementing a comprehensive roadmap of enhancements and adding “value to the Terra Classic blockchain so that we can help push this chain where it deserves to go.”
Terra Classic chart analysis
Diving into the current market dynamics, Terra Classic is navigating the intricate web of value with its current trading price at $0.00005852. A discernible 3.16% downturn within the last 24 hours and a more substantial 9.81% decrease over the week presents a nuanced narrative.
Now, shifting focus to LUNC’s price analysis we take a deeper plunge into the intricacies of its price action. The resistance level, standing at $0.00006, acts as a psychological barrier where selling pressure tends to intensify.
On the flip side, its support level at $0.00005 denotes a critical threshold where buying interest tends to materialize. This interplay between resistance and support levels unveils the underlying tug-of-war within LUNC’s market ecosystem.
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