The cryptocurrency industry is still struggling with the aftermath of the FTX scandal, the effects of which spilled over and caused a sell-off of most of the digital assets, including Terra Classic (LUNC), the rebranded version of the infamous Terra (LUNA) token.
That said, the crypto community over at CoinMarketCap is not losing optimism about the state of Terra Classic by the end of the year, predicting it to trade at a median price of $0.0002582 on December 31, 2022, as per data retrieved on November 25.
Should the predictions of the community members, the result of 1,356 votes cast by press time, prove correct, this would represent an increase of $0.0001005 or +63.76% on the price of LUNC, which is presently trading at $0.0001577.
As it happens, the bullish predictions arrive at the heels of LUNC’s promising burn update on November 22, which stated that over 28 billion LUNC tokens had been burned, accounting for nearly 0.4% of the total supply available.
On top of that, the Terra Grants Foundation (TGF) submitted the first initiative with Proposal 10946, which aims to reward contributors from the 750 million LUNC tokens set aside for developers, validators, and other community members who contributed to the blockchain’s revival.
LUNC technical analysis
In terms of the technical analysis (TA) indicators, the summary based on TradingView’s 1-week gauges is presently demonstrating that Terra Classic is swinging toward the ‘buy’ zone at 2 versus ‘sell,’ which is also at 2, and ‘neutral’ at 0.
This result is the summary of the moving averages (MA) gauge and oscillators, with the former standing in the ‘sell’ area at 2 (as opposed to 1 for ‘buy’ and 0 for ‘neutral’) and the latter suggesting ‘strong buy’ at 1, with 0 pointing at ‘sell’ or ‘neutral.’
In the past several months, LUNC has been trading in a steady downward pattern, with a few exceptions, following the general pattern of most cryptocurrencies. As things stand, LUNC is trading at $0.0001577, down 3.04% on the day as well as 12.47% compared to the previous seven days.
At the same time, the decentralized finance (DeFi) token’s market capitalization stands at $942.03 million, retaining its position as the 42nd-largest asset by this indicator, as per data retrieved by Finbold on November 25.
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