Here’s Where The Price Of LUNC Will Land This August, According To This Algorithm
August 03 2023 - 6:00AM
NEWSBTC
LUNC’s community has worked continually towards reviving the
ecosystem’s native LUNC token. However, recent data from this
artificial intelligence (AI) algorithm suggests these efforts might
not be enough. LUNC’s Price Prediction PricePredictions, a
state-of-the-art crypto analysis and forecasting platform, has
projected Terra Classic (LUNC) to trade at around $0.000076 by the
end of this month. PricePredictions combines indicators like
average true range (ATR), relative strength index (RSI), and moving
average convergence divergence (MACD) to make such forecasts.
Related Reading: Buying Pressure Incoming? MicroStrategy Files
Notice With SEC To Sell $750 Million In Stocks Suppose this
projection is anything to go by, it means LUNC will experience a
decrease from its current price by August 31, 2023, with LUNC
currently trading at around $0.000079, according to data from
CoinGeko. While this news is undoubtedly bearish for the LUNC
community, there was more to cheer about following Binance removing
1.14 billion tokens from circulation as part of the LUNC burn
mechanism. LUNC’s price also surged following this news, although
it has since retraced. While the machine-learning prediction
indicates a potential decline in LUNC’s price, it is important to
note that the recent price spike following the Binance announcement
demonstrates that positive developments can potentially reverse the
trend of Terra Classic. Such events could potentially mean that we
could see more uptrend from the token as the community continues to
propose solutions that could see regain the confidence of investors
and push its once stablecoin USTC to re-peg with the dollar. Token
price sitting at $0.00007937 | Source: LUNCBUSD on Tradingview.com
USTC Decision Likely To Affect LUNC Vegas, a member of the LUNC
community, had earlier proposed in a tweet that the $800 million
USTC tokens linked to the Ozone protocol should be returned to the
Terra Classic community pool because of the ineffectiveness of the
project and its failure to adhere to the proposed development plan.
Meanwhile, there has been a conflicting proposal from Alex Forshaw,
a co-author of the Terra Classic Revival Roadmap, who has proposed
that the $800 million USTC tokens be burned instead. He believes
that validators and stakers who have a strong influence on the
ecosystem will most likely dump their tokens, leading to a further
decline in the token’s value. Related Reading: Ethereum ETFs Heat
Up As Filings With SEC Climbs To Six While whatever proposal the
community moves forward with will affect USTC’s price with the hope
that it finally reclaims its peg with the US dollar, it will most
likely affect LUNC’s price too. Currently, LUNC’s price is
trending at $0.00007925, down 1.62% in the last 24 hours and 3.08%
in the last 7 days. However, this downtrend could quickly reverse
if the community is able to figure out a way to re-peg USTC to the
US dollar. Featured image from Coin Culture, chart from
Tradingview.com
Terra Luna Classic (COIN:LUNCUSD)
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Terra Luna Classic (COIN:LUNCUSD)
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