The Terraย (LUNA) Luna Classic price has declined by 3.5 percent in the past 24 hours, dropping to $0.00008484 as the digitalย currency market as a whole falls by 1.5%.
LUNCโs price means it hasย decreased by 7 percent in a week and by 22 percent in the last 30ย days, with the cryptoย altcoin likewise down by 41 percent since the beginning of the year.
This latter fall stands onย theย otherย sideย to the profits major digitalย currencies such as Bitcoinย (BTC) and Ethereumย (ETH) have since January, underlining how LUNC asย ofย now seemsย to be in a state of decline, with community efforts to bootstrap its development failing toย facilitate its price.
Nonetheless, with the launch date of the long-awaited Parity upgrade now set for June 14, LUNCโs price could see a boost around this time.
Terraย (LUNA) Classic Price Prediction With Parity Upgrade June 14 โ Can LUNC Price Recover?
LUNCโs chart makes for some fairly grim reading, with its indicators all showing further losses of momentum, which asย aย result point towards more losses in the near term.
The altcoinโs relative strength index (purple) dropped below 30 yesterday, and while it has recovered a little today it still remains below 50, signalling a lack of momentum.
Similarly, LUNCโs 30-day moving average (yellow) persistsย to plunge well below its 200-day average (blue), and asย ofย now it doesnโt seem like itโs going to stop anytime soon.
This pessimism is supported by the coinโs levelย ofย support (green), which persistsย to fall from one apparent bottom to another.
Asย aย result, technical indicators donโt really suggest that LUNC is going to stop sliding in the near future, particularly when the wider market persistsย to lose ground becauseย ofย negativity surrounding the Unitedย States debt ceiling crisis and other macroeconomic factors.
Nonetheless, since the cryptoย altcoin reached a post- Terraย (LUNA) collapse high of $0.00008485 in September 2022, it has essentially declined by 98%, creating the impression that its community has lost hope of ever resuscitating it in a wholeย lotย of or meaningful way.
Onย theย otherย hand, regardlessย of its ongoing losses, the Terraย (LUNA) Luna Classic community continuesย work on making the digitalย currency and its blockchainย tech more useful to developers.
As noted over, June 14 will see the deployment of the Parity upgrade, which will attract a number of important updates that will enable the Terraย (LUNA) Luna Classic blockchainย tech to accomplish greater interoperability with other networks, such as Cosmos.
Itโs hoped that this will promoteย ย a migration of developers and applications to the Terraย (LUNA) Luna Classic network, although with the LUNC price suffering from such a big slide overย recentย months, youโd be forgiven for being skeptical.
Artificialย Intelligenceย (AI) and Cryptoย Token Burns
Still, it shows that Terraย (LUNA) Luna Classicโs development community is serious about improving its utility, with the Parity upgrade likewise laying the technical underpinnings for Edward Kimโs Block Entropy, an โ application chainโ that will enable AI-based tools and applications to be deployed on the Terraย (LUNA) Luna Classic network.
Given that generative Artificialย Intelligenceย (AI) is asย ofย now the big thing in the tech sector atย thisย time, the comingย of Block Entropy mayย be the catalyst that enables Terraย (LUNA) Luna Classic to mount a substantial recovery.
Ofย course, such a process isย veryย likely take a very long time, while mainstream enterprises and enterprises that want to harness Artificialย Intelligenceย (AI) will undoubtedly continue going to established providers such as OpenAI for the foreseeable future.
Onย theย otherย hand, itย canย potentially provide some real innovation within the digitalย currency ecologicalย system, and combined with ongoing cryptoย token burns, itย canย potentially help LUNCโs price continuation growing again.
Speaking of burns, some 58.9 Billion LUNC has been destroyed to date, out of a total circulation of 5.87 trillion.
Hope that burning canย potentially become more large-scale has been kindled in theย recent weeks, with a propsal for re-pegging USTC (LUNCโs related stablecoin) passing a community vote.
Once enacted, this strategy could result in the large-scale burning of LUNC, something that would help the altcoinโs price to recover massively.
Nonetheless, details still must be hashed out by Terraโs L1 Task Force, so onceย more it couldย be a while before some concrete progress is made.
For now, it couldย be possible that LUNC persistsย to slide downwards, although a return to more positiveย tendency market conditions could assistย it recover, potentially returning to 0.0001 or higher in the coming weeks.
