After Terra Classic witnessed a brief recovery, the token is back to trading in the red, and investors are wondering about its future.
After Terra Classic (LUNC) saw a brief price recovery upon its developers revealing plans for major upgrades, governance proposals, and more, the token of the original chain of the crashed Terra (LUNA) network is back to trading in the red, and investors are wondering about its future movements.
With this in mind, Finbold has consulted the machine learning algorithms over at the cryptocurrency analytics and prediction platform Price Predictions, which set the price of Terra Classic at $0.000097 on May 31, 2023, according to the latest data accessed on May 5.
Terra Classic 30-day price forecast. Source: PricePredictions
In other words, the website’s algorithms, which rely on technical analysis (TA) indicators, such as moving average (MA), relative strength index (RSI), moving average convergence divergence (MACD), average true range (ATR), and Bollinger Bands (BB), predict a decline of 6.28% to LUNC’s price at press time.
Terra Classic price analysis
As things stand, Terra Classic is currently changing hands at the price of $0.0001035, down 1.57% in the last 24 hours, as well as dropping 5.40% across the previous seven days, and losing 16.18% on its monthly chart, as the most recent data suggests.
Terra Classic 7-day price chart. Source: Finbold
Meanwhile, the technical analysis over at the finance and crypto monitoring website TradingView suggests a largely bearish sentiment around Terra Classic. Indeed, according to the analysis, the one-day gauges indicate a ‘strong sell’ at 15, which is the summary of oscillators in the ‘sell’ zone at 2 and moving averages suggesting a ‘strong sell’ at 13.
Terra Classic 1-day sentiment gauges. Source: TradingView
Whether the machine algorithm-based projections come true or LUNC manages to turn the tide will depend on its further developments, such as the earlier Q2 roadmap update, the LUNC community’s proposal to re-establish the TerraClassicUSD (USTC) peg with the United States dollar. and the announced introduction of Black Entropy, an artificial intelligence (AI) powered application chain.
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