LUNC Faces Significant Losses in 2023
Investors of Terra Classic (LUNC) have had a challenging year so far, as the cryptocurrency has lost over 60% of its value year-to-date (YTD) and nearly 80% since its all-time highs in 2022. Currently, LUNC is on the brink of falling out of the top 100 cryptocurrencies on CoinGecko’s rank, while still maintaining a slightly higher position on CoinMarketCap’s rank.
In the past seven days alone, LUNC has experienced a further $37 million decrease in market cap, making it the “Top Loser” of the week according to CoinMarketCap’s “Gainers & Losers” index. The accumulated losses for LUNC during this period amount to 9.68%.
Terra Classic currently holds a market cap of $340 million, down from $377 million just one week ago and significantly lower than its market cap of $900 million at the beginning of 2023.
LUNC Price Forecasts Indicate Bearish Trends
Interestingly, the current price of LUNC at $0.0000586 aligns closely with a machine learning algorithm’s forecast of $0.000057 per LUNC by October 1. This prediction was reported by Finbold two weeks ago and appears to be accurate.
The same algorithm anticipates further losses for LUNC in the coming weeks, projecting a price of $0.000055 by October 31. This forecast is based on various technical indicators such as MACD, RSI, and Bollinger Bands.
However, it is worth noting that LUNC has a support level at $0.00005, which could potentially stimulate buying demand and influence the cryptocurrency’s market dynamics.
Hot Take: Terra Classic Struggles to Regain Momentum
Terra Classic (LUNC) has faced a challenging year in 2023, with significant losses in value and a decline in market cap. The cryptocurrency’s current position near the bottom of the top 100 rankings reflects its struggles.
Price forecasts for LUNC indicate a bearish outlook, with expectations of further declines in the coming weeks. However, there is potential for a rebound at the support level of $0.00005.
As LUNC battles between bearish predictions and support levels, it remains to be seen whether the bulls or bears will dominate its market ecosystem in the near future.
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