Will Luna Classic Recover? Luna Classic is trading negatively on the 30 Days Chart and it has lost around 20% of its value in the last 30% Days.
The Probability of LUNC recovering is very high as it is backed by a very disciplined community and now billions of LUNC are being burned by Binance.
74% of the Crowd predicts that LUNC will rise above $1 before 2031 (3% More than the last 24 Hours).
Will Luna Classic Recover?
Let us explore whether Luna can recover in the next few weeks and months.
- Analysis of recent performance
- Macroeconomic environment
- Analysis of other data sets that can predict LUNC recover
- Activities carried out by the community and their likely impact
- Likely impact of Ed Kim’s Plan of action
PS: We have still not seen any evidence of Coinbase purchasing LUNC.
Will Luna Classic Recover? Analysis of recent performance
Luna Classic is up 509.0% from June 18th, the day the cryptocurrency market reached the bottom of the year. Ethereum is up 21.2% in the same period.
LUNC Performance Monthly
- June: +6.7%
- July: -27.9%
- August: +126.9%
- September: +29.5%
- October: +2.3%
After trading negatively since the start of October, LUNC is now finally trading positively. The trading volume has risen in the last 24 hours. On Sunday the trading volume declined after rising on Saturday. Today the volumes are up and the price of Luna Classic is positive.
Will Luna Classic Recover? Have we reached the Crypto market bottom?
June 18th continues to be the year-low for BTC and ETH.
- Both BTC and Ethereum have remained above that bottom reached on June 18th but they are increasingly at the risk of falling lower.
- Altcoins like Cardano and Solana are 10-15% short of their year lows and increasingly at risk of falling lower
- With Putin escalating in Ukraine, things could go either way.
Our view is the Cryptocurrency market could see further downside over the next few months (2018 Precedent).
Lunc Burn Information
When is the next LUNC Burn on Binace Scheduled?
Binance has burned over 3 Billion LUNC in the 2nd burn after the first burn of over 5 billion. The next LUNC burn on Binance is scheduled on October 17th, 2022.
How Does LUNC Burn on Binance Works?
Recent Ed Kim came up with an elaborate plan to burn LUNC. As per the plan, a certain amount of LUNC will be burned for every trade on Binance or any exchange with LUNC on-chain integration. The percentage of LUNC to be burned for every transaction has been fixed at 1.2% which means for every 120 LUNC coin purchases 2 coins will be burned from the total purchase.
The percentage of LUNC to be burned or the LUNC burn tax was decided unanimously on September 27th by the LUNC community.
Top 5 LUNC Burn Addresses
LUNC Burn Chart (Oct 2022)
Will Luna Classic Recover? $LUNC vs $LUNA vs BTC and ETH
$LUNC price has outperformed other cryptos by a wide margin over the last 4 months. The LUNC community will need to find a new trigger to deliver another pump for LUNC over the next few weeks.
Will Luna Classic Recover? Macroeconomic Factors
- Credit Suisse appears to be in some trouble. If true, it could unleash a lot of destruction along the way. But so far, there are mixed views on this and it is not trouble yet.
- The Fed increased rates by 75 basis points last week. This is bad news.
- Putin is sending more soldiers to Ukraine. This is bad news.
- Crude Oil is below $90, this is very good news
- Europe’s Inflation numbers are spiking. This is bad news
- Europe’s Gas crisis may not turn out to be as bad as expected. This is good news.
The macroeconomic environment is worsening again, complicating the recovery of financial markets and LUNC as well.
Will Luna recover? What is working in favor of Luna Classic?
- The community has organized really well and has accomplished a lot of milestones over the last 4 months (Not just Burn). This included Getting new validators in place and working hard to get the governance mechanisms in place
- LUNC burn which began in June has continued at a steady pace over the last few days.
- Ed Kim outlined in great detail a plan of action that accelerates burn, brings in better talent, enables the DApps ecosystem, and delivers complete independence from Terra Foundation. It is likely to be implemented well given past experience. However, the risk is that the community is expected to contribute financially in some way or the other, this needs to be tested.
The community is central to LUNC’s success.
Can Luna Classic Recover? $LUNC vs $LUNA Trading Volumes
LUNC tends to dominate for fewer days in a month but pumps much harder than $LUNA. For example, LUNC has had 13 days when Volume had risen above $1 B since July. It was just 8 days for $LUNA. This volatility is strongly connected to newsflow and community activities which is absent in the case of $LUNA.
|Days LUNC was ahead||Days LUNA was ahead|
|September||25 days||5 days|
|August||11 days||20 days|
|July||24 days||7 days|
|June||3 Days||27 Days|
Will Luna Classic Recover? What about Trading Volume?
Looking at the $LUNC volume data for the last 31 days, it is clear that Luna Classic is also very dependent on high volumes for the price to increase.
LUNC appears to be following the path of the PUMP in June, LUNC PUMPED from $0.00006 to $0.00016 before crashing all the way to $0.00008. In the September PUMP, LUNC peaked at about 0.00059 and then fell all the way to 0.00025. It has since risen higher. The difference between the pump in June and September is that LUNC reached the 50% fall quickly in September (In Days vs Weeks in June-July). LUNC pumped again after the Binance announcement followed by Ed Kim’s Vision blog.
Will Luna recover? Latest Luna Classic News
- Ed Kim’s Note is in, it is now to the community to implement the plan
- Binance is implementing the LUNC Burn
- LUNC.BET has launched a native LUNC Projects
- Luna Classic on-chain burn is active
LUNC latest tweets on Today’s Price Movements
Will Terra Luna Classic recover? To Conclude
Key Questions and Answers regarding LUNC Recovery
LUNC is likely to go down further in the short term after rising a little due to the Binance announcement. Secondly, there is no guarantee it will immediately rise again. However, if the community delivers another innovation, a massive pump is highly likely. The community is stalled at the moment but is unlikely to remain so over the next 2 weeks. A sell or buy decision is therefore completely dependent on the willingness to lose some money in the hope of gaining a lot.
Yes, LUNC can recover. Thanks to the LUNC community, LUNC has already pumped twice over the last 3 months. We anticipate the Crypto market to recover either in the 4th quarter or H1 next year.
LUNC is in a competitive market where buyer interest is dependent on the demand for Luna Classic coins. Burn is a method to destroy supply and not increase demand. Supply restriction can drive prices higher only to a certain level. Instead, how the LUNC community can create demand for SHIB over the next few weeks in terms of a consumer/ business proposition will determine if LUNC heads to $1
As you are aware, Ethereum is a hard fork from Ethereum Classic and Ethereum Classic is now open source. While ETH has grown 579% in the last 5 years, ETC has delivered a 292% return. But ETC did peak at a 1000% plus return between 2017 and 2021.
In Sum, the chances of $LUNC recovering are good as the overall cryptocurrency market has also begun a path of recovery. However, should the community activities stall, it could end the cryptocurrency fairly quickly.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.