Will Luna Classic recover? Luna Classic is traded in a narrow band. However, it has reached almost 0.00007 today and could make a run above that level in the next 48 hours
Let’s explore whether Luna can recover from multiple perspectives and use historical and current performance data to come to a conclusion.
Table of Contents:
Will Luna Classic recover? Have we reached the bottom of the cryptocurrency market?
There is some initial evidence that we have reached the bottom of the cryptocurrency market.
But it will take in 3-5 weeks to confirm whether this is really the case.
Many metrics such as the supply of Bitcoin by miners, Bitcoin technicians including RSI/Elliot Waves, and the drop in crude oil prices are signaling a positive change in momentum for Bitcoin which in turn would also mean that Altcoins like Luna would also rise. After all, cryptocurrency prices started to fall soon after US inflation breached 6%. If crude oil prices continue to fall, inflation is likely to follow this trend as well.
Already some Altcoins have already increased by up to 40% in the last 7 days. Examples: Matic, SAND, SHIB, AVAX, APE etc. Ethereum has increased by 33% and Ethereum is a kind of index for Alts since most Alts use ERC-20 a token from the Ethereum Blockchain.
That said, there is an ongoing risk that more cases like LUNA may emerge over the next couple of months as the Fed-induced liquidity compression fully comes into play.
Will Luna Classic recover? $LUNC vs BTC and ETH, Last 5 days
After struggling to stay above $0.00006, Luna Classic is now outperforming BTC and ETH.
Will Luna Classic recover? What about the volume of trade?
High trading volumes are good evidence of the health of a cryptocurrency. There are exceptions such as $LEOUSD, but most cryptocurrencies that tend to have low volumes are highly volatile or underperform the market.
Looking at the data on the volume of $LUNC over the last 23 days, it is very clear that Luna Classic also depends a lot on the high volumes for the price to rise. Unfortunately, Luna Trading volumes have declined in the last 4 days. This is not good news for Luna Classic.
Will Luna Classic recover? To conclude
- Can Luna Classic recover? The answer is YES, it can recover. We expect the cryptocurrency market to recover in the fourth quarter or first half of next year.
- Will BURN alone be enough for luna Classic recovery? No, as it needs a huge interest of the buyer and the interest of the buyer can not be driven only by Burn (ask the army SHIB)
So, once again, will Luna Classic recover?
As you know, Ethereum is a hard fork of Ethereum Classic and Ethereum Classic is now open source. While ETH has grown by 282% over the past 5 years, ETC has produced a negative return. But ETC peaked at 1000% plus yield between 2017 and 2021.
Therefore, the chances of recovering $LUNC are good if the overall cryptocurrency market also recovers. With a small development team in the pipeline, you need to see if LUNC can differentiate itself from the rest, which will have a huge impact
