The LUNC community has been constantly working to revive the ecosystem’s native LUNC token. However, recent data from this artificial intelligence (AI) algorithm suggests that these efforts may not be enough.
LUNC’s price prediction
Price predictions, a state-of-the-art crypto analytics and forecasting platform, has predicted that Terra Classic (LUNC) will trade around $0.000076 by the end of this month. PricePredictions combines indicators such as Average True Range (ATR), Relative Strength Index (RSI), and Moving Average Convergence Divergence (MACD) to make such predictions.
Supposing this projection is anything to go by, it means that by August 31, 2023, LUNC will experience a decline from its current price, with LUNC currently trading around $0.000079, according to data from CoinGeko.
While this news is undoubtedly bearish for the LUNC community, there was more to cheer for to follow Binance removes 1.14 billion tokens from circulation as part of the LUNC combustion mechanism. The price of LUNC also surged after this news, although it has since bounced back.
While the machine learning forecast indicates a possible drop in the price of LUNC, it is important to note that the recent price spike following Binance’s announcement shows that positive developments could potentially reverse Terra Classic’s trend.
Such events could potentially mean that we could see more upside from the token as the community continues to propose solutions that could regain investor confidence and push the once-stable coin USTC to rebound. dollar link.
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 previously proposed in a tweet that the $800 million USTC tokens tied to the Ozone Protocol should be returned to the Terra Classic community pool due to the project’s ineffectiveness and non-compliance with 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 burning the $800 million USTC tokens 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 drop in the value of the token.
While any proposal the community moves forward with will affect the price of USTC in hopes that it finally regains its peg to the US dollar, it will most likely affect the price of LUNC as well.
Currently, the price of LUNC is trending at $0.00007925, down 1.62% in the last 24 hours and 3.08% in the last 7 days. However, this downward trend could soon reverse if the community can find a way to re-peg USTC to the US dollar.
Featured image of Coin Culture chart from Tradingview.com