LUNC, the native token of the community-driven Terra Classic blockchain project continues to struggle in the crypto market ever since the May collapse of Do Kwon’s Terra ecosystem.
While the sentiment around the LUNC token remains bearish as the token lacks notable use cases coupled with the overall crypto winter, the world’s leading crypto price predicting and market forecasting platform believes LUNC would stage a minor rally this January.
According to the Machine Learning Algorithms on the PricePrediction platform, LUNC would hit the $0.0001555 mark on January 31, 2023. The algorithm arrived at this prediction using the relative strength index (RSI), moving average convergence divergence (MACD), moving average (MA), average true range (ATR), Bollinger bands (BB), and other analytic tools.
Read Also: LUNC Development Group TerraCVita Set to Launch Terra Classic DEX in 2023
This 30-day Terra Classic price projection denotes roughly a 0.33% increase from the LUNC’s value at the time of publishing. At the time of writing, the asset is trading for $0.00015 per coin, showing a decline of 2.75% in the past 24 hours and a decline of about 10% in the last 30 days.
Another development capable of changing LUNC’s price action from a downtrend to an uptrend in the short-term perspective is the Thursday disclosure by the KuCoin exchange to redelegate/ stake the 48 billion LUNC tokens undelegated from their validator node on December 31st, 2022. KuCoin’s rank on the Terra Classic validators list dropped dramatically to the 46th position following the LUNC undelegation last week.
The striking progress made in the LUNC supply reduction mission could also contribute to a surge in the price of the crypto asset. Notably, the LUNC burn rate spiked by over 6,900% on January 1, 2023, after more than 42 million tokens were sent to the official Terra Classic dead wallet.
Follow us on Twitter, Facebook, Telegram, and Google News
