Will Luna Classic Recover? $LUNC Falls below 0.00011 after 20% Pump
Will Luna Classic Recover? Luna Classic fell below 0.00011 soon after the Pump on Friday.Can Luna Classic recover and rise beyond June high?
Let us explore whether Luna can recover from multiple perspectives and use historical and current performance data to arrive at a conclusion.
Will Luna Classic Recover? Have we reached the Crypto market bottom?
US Inflation data was reported at 9.1% a record high.However, most cryptocurrencies bounced soon after.Luna was struggling until yesterday before the massive PUMP today.
June 18th continues to be the yearly low for BTC and ETH.That said, recent forecasts are suggesting that both BTC and ETH could go lower.Apart from the usual reasons, an increased possibility of European economies getting into serious trouble on the back of Russian Counter sanctions is a new threat on the horizon.
– Both BTC and Ethereum have stayed above that bottom reached on June 19th.
– The NASDAQ too appears to have stayed above the year bottom reached on June 16th
– The latest statistics for both [Ethereum] and [Solana] suggest a bottom was reached last month
– Crude Oil prices are $25 below the June 8th levels
– Numerous technical analysts are suggesting that Technicals are also suggesting a Bottom was reached last month
However, the continuous failures of cryptocurrency companies including Voyager and 3 Arrows Capital make any predictions of a bottom quite risky.
Second, new risks have emerged in the form of the Eurozone economy in serious trouble on account of rising energy costs due to Sanctions imposed on Russia.
The Eurozone economy is almost as large as the US economy and any trouble there will squeeze economies globally.
Will Luna Classic Recover? $LUNC vs BTC and ETH
LUNC Pumped significantly on Friday but has struggled to stay above 0.00011 and is now back at 0.00010.Ethereum is in the middle of a pump on account of the ‘Merge’ schedule having been finalized
LUNC fell significantly in July and then recovered somewhat on Friday and then began to retreat again during the weekend as volumes crashed by half.However, it needs to be seen if it continues to make higher lows going forward.This in turn will depend on what kind of progress the community is making.
What was working for Luna Classic?
– Solid community organizing led by members like LUNCDAO
– Continued burn even if it is running slower than expected
– Fortunate announcements like the new metaverse Starship NFT accepting Luna Classic with a 1.2% burn target
– The hacking group Anonymous promises to target Terra Luna Founder Do Kwon
– Getting new validators in place and working hard to get the governance mechanisms in place
Will Luna Classic Recover? What about Trading Volume?
Looking at $LUNC volume data for the last 28 days, it is clear that Luna Classic is also very dependent on high volumes for the price to move higher.
As Luna Classic Trading volumes surged, so did the price.
LUNC Volumes have crashed during the last 24 hours pushing the price lower.
LUNC latest tweets
Is Luna Classic going to recover? To Conclude
– Luna Classic had almost tripled in value in 3 days in the last week of June on the back of solid community activity.With Community activity falling, the crypto fell by 40%.
With new announcements in the last 12 hours, LUNC has pumped again.
– Can Luna Classic Recover? The answer is YES it can recover.We anticipate the Crypto market to recover either in the 4th quarter or H1 next year.
– Will BURN alone be enough for Luna Classic’s recovery? No, as it needs huge buyer interest and buyer interest can’t be driven only by Burn (ask the SHIBArmy).
So once again, Will Luna Classic Recover?
As you are aware, Ethereum is a hard fork from Ethereum Classic and Ethereum Classic is now open source.While ETH has grown 282% in the last 5 years, ETC has delivered a negative return.But ETC did peak at a 1000% plus return between 2017 and 2021.
Therefore, the chances of $LUNC recovering are good if the overall cryptocurrency market also recovers.
However, should the community activities stall, it could end the cryptocurrency fairly quickly.
net and has no in-house view on the likely trends in the Stocks or Crypto Coins..
