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Terra Classic faces top 100 exit as sell-off intensifies

Terra Classic faces top 100 exit as sell-off intensifies

One year ago, Terra Classic (LUNC) saw two billionaire market cap new highs in a row. The first was $1 billion on September 1, 2022, followed by another $1.7 billion one week later. However, 2023 has been a tough year for Terra Classic investors, with LUNC losing over 60% of its value year-to-date (YTD), and close to 80% since these past reports.

At the time of publication, LUNC is on the verge of crashing out of the top 100 cryptocurrencies ranked by market cap on CoinGecko’s rank (as the 100th largest crypto), while still securing slightly higher grounds on CoinMarketCap’s rank (as the 92nd largest cryptocurrency).

Notably, Terra Classic lost another $37 million in market cap in the last seven days, making LUNC the “Top Loser” of the week according to the Gainers & Losers index, by CoinMarketCap, with accumulated losses of 9.68% in the period.

Gainers and Losers — 1-Week Top Losers.
Gainers and Losers — 1-Week Top Losers. Source: CoinMarketCap

Meanwhile, LUNC has a market cap of $340 million by press time, previously registering a value of $377 million one week ago. Before that, Terra Classic had a market cap of $900 million on January 1, 2023 — half of its observed market cap in September 2022.

Terra Classic (LUNC) 1-year stats.
Terra Classic (LUNC) 1-year stats. Source: CoinMarketCap

LUNC price forecasts are mostly bearish

Interestingly, current prices for Terra Classic of $0.0000586 are close to what was correctly forecasted by a machine learning algorithm, with a projection of $0.000057 per LUNC by October 1, reported by Finbold two weeks ago on September 21.

This same machine-learning algorithm foresees even more losses in the coming weeks, setting LUNC’s price at $0.000055 by October 31. The prediction was gathered by using several key technical indicators, including the moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more.

Nevertheless, Terra Classic’s support level at $0.00005 denotes a critical price zone where buying demand could increase on the exchange’s order books. This interplay between bearish forecasts and support levels unveils the underlying battle between bulls and bears within LUNC’s market ecosystem.

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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