Decline in Price of Terra Classic (LUNC)
The value of Terra Classic (LUNC) has dropped by 3% in the past 24 hours, bringing its price down to $0.00005852. As a result, LUNC now ranks 90th in terms of cryptocurrency market capitalization.
Over the previous week, LUNC has experienced a decrease of 9%. While it has seen a slight increase of 3% over the last 14 days, it continues to show a decline of 1% over the course of a month and a significant decrease of 81% over the past year.
These continuous declines indicate a long-term downward trend that has been affecting LUNC since 2023. The community associated with the currency has faced challenges in their efforts to boost the value of both LUNC and its stablecoin counterpart, USTC.
Machine Learning Algorithm Predicts Future Decline
Considering the sustained decline, on October 4, cryptocurrency monitoring and prediction platform PricePredictions employed machine learning algorithms to evaluate the potential price of LUNC at the end of October.
Based on the latest developments and analysis using technical indicators such as MACD, RSI, and Bollinger Bands, PricePredictions projects that Terra Classic will decline to $0.000055 by October 31.
However, there is still a possibility for a price resurgence if proactive measures are taken to enhance the ecosystem and value of LUNC.
Traders Losing Interest in LUNC
Technical signs indicate that LUNC is once again sliding after briefly riding the market rebound on October 2.
Despite recent governance changes, which aimed to impact LUNC’s price, it appears that the broader market has lost interest in this cryptocurrency.
One new proposal for Terra Luna Classic aims to support a team of developers in implementing enhancements and adding value to the Terra Classic blockchain. However, it remains to be seen if this will reignite interest in LUNC.
Hot Take: Uncertain Future for LUNC
The declining price of Terra Classic (LUNC) and the lack of interest from traders raise concerns about its future. With a sustained downward trend and challenges faced by its community, it is uncertain whether LUNC can recover its value.
The machine learning algorithm predicts a further decline in LUNC’s price by the end of October. However, if proactive measures are taken to improve its ecosystem and increase its value, there is still hope for a potential resurgence.
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