Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, has recently witnessed a remarkable surge in value, at one point surpassing 30%. This surge comes as a ray of hope amidst a period of pessimistic market sentiment that has persisted for weeks.
The surge in value can be attributed to the concerted efforts of the LUNC community, who have been actively implementing a range of initiatives aimed at enhancing the network’s utility and functionality. These initiatives have captured the attention of investors, who are now eagerly speculating on the potential trading outcome driven by this recent momentum.
In turn, investors are looking to where its price could finish trading with the recent momentum Finbold tapped the machine learning algorithm developed by the analytics and forecast platform PricePredictions on June 5, which set the price for LUNC for June 30, 2023, at $0.000101.
If these projections come to fruition, it would signify a notable 3.6% increase from the current price level of Terra Classic.
The latest LUNC forecast is based on several widely-used technical indicators, including moving average convergence divergence (MACD), average true range (ATR), and Bollinger Bands (BB), among others.
Terra Classic price analysis
In the most recent update, LUNC is currently being traded at $0.00009744, demonstrating an impressive gain of 8.15% within the past 24 hours and a remarkable 11.20% increase over the last week. These gains come at a time when the overall market is mostly experiencing a decline, with LUNC encountering resistance at the $0.00011 mark.
Notably, among the top 100 cryptocurrencies by market capitalization, LUNC has emerged as the most significant gainer, surpassing other prominent assets such as The Sandbox (SAND) and Decentraland (MANA). Furthermore, in the crypto space, Terra Classic is currently the second most trending asset of the day.
As the Terra Classic community strives to reclaim its position and prominence in the crypto market, Finbold has sought the opinions of financial experts regarding the asset’s price outlook.
Analysts’ views on LUNC’s future vary, with one expert suggesting that when capital and developers abandon a blockchain, ‘it is more or less a death sentence.’ However, others highlight the significance of LUNC as a meme coin and emphasize the support it has garnered from major exchanges like Binance and KuCoin.
The recent resurgence in LUNC’s value can be attributed to the buzz surrounding the v2.1.0 upgrade proposal, which has garnered substantial attention. This upcoming release, scheduled for June 14th, marks the third major upgrade for the Terra Classic blockchain.
The primary objective of the upgrade is to align Terra Classic with other blockchains, including Terra 2.0 and various Cosmos chains. This alignment is expected to provide projects and developers with renewed opportunities to utilize the Terra Classic chain effectively.
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