Artificial intelligence (AI) platforms such as Google Bard play a pivotal role in analyzing trends and insights into the cryptocurrency sector, specifically focusing on assets like Terra Classic (LUNC).
As this crypto experienced a significant resurgence in the previous period, which has seen its value increase by over 30%, investors are wondering whether this asset will return to the top 100 crypto assets by market capitalization or will fail to do so.
Capitalizing on the advanced functionalities of Google Bard, Finbold is dedicated to extracting valuable insights into LUNC’s potential future price movements. This involves tapping into the prowess of AI to formulate predictions based on well-researched data taken on November 22 for the Terra Classic price for the start of 2024.
Bard’s estimates for LUNC
The AI tool predicts a price range of $0.00006 to $0.0001 for LUNC in early 2024. This span encompasses the possibility of continued growth spurred by positive developments while recognizing the potential for price fluctuations influenced by market conditions and various factors.
If this prediction materializes, it would represent a 40% increase to the upper range of the prediction of $0.0001.
However, readers should approach cautiously and acknowledge that the projected range is speculative. Due to the inherently unpredictable nature of cryptocurrency prices, the actual price of LUNC at the start of 2024 might deviate, either exceeding or falling below this range.
Factors to consider regarding Terra Classic
As one of the main factors, the chatbot highlighted the burn mechanism and supply reduction.
The “effectiveness of the burn mechanism and the overall reduction in LUNC’s circulating supply will play a vital role in its price movements. A successful burn mechanism that consistently removes LUNC from circulation will create a deflationary environment, potentially increasing the value of the remaining tokens.”
It is important to note that this crypto token is trading below its 200-day moving average and has experienced just 14 green days in the previous month.
Despite this, it boasts high liquidity and availability on Binance, coupled with a negative yearly inflation rate of -3.29%.