Will Luna Classic recover? Luna Classic pumped 120% in 29 days after the validation nodes were activated. He had reached a recent high of $0.00059 before the booking of profits brought him lower. With trading volumes falling and no new triggers, LUNC is likely to fall downwards. LUNC is also underperforming LUNA
Will Luna Classic recover?
Let’s explore whether Luna can recover in the coming weeks and months.
- Analysis of recent performance
- Macroeconomic context
- Analysis of other datasets that can predict LUNC recovery
- Community activities and their likely impact
- Likely impact of Do Kwon’s arrest warrant
Will Luna Classic recover? Analysis of recent performance
Luna Classic has been up 343% since June 18, the day the cryptocurrency market reached the bottom of the year. Ethereum is up 18.1%.
Monthly LUNC performance
- June: +6.7%
- July: -27.9%
- August: +126.9%
- September: +37.8%
Luna Classic has been on a recovery path since June and with the exception of July has grown every month after its relaunch. However, momentum stalled after reaching the recent high of $0.00059
Will Luna Classic recover? Have we reached the bottom of the Crypto market?
June 18 continues to be the low of the year for BTC and ETH.
- Both BTC and Ethereum have remained above that low reached on June 18, but are increasingly at risk of falling lower.
- Altcoins like Cardano and Solana are 10-15% lower than their annual lows and increasingly at risk of falling lower
- With Putin’s escalation in Ukraine, things could go both ways.
Impact of the Arrest Warrant Do Kwon:
There are two schools of thought
- One, the Community has taken over most of Luna Classic and will not need TFL in the future. Some help was given during Burn’s fiscal integration, but some Terra Rebels believe it will no longer be needed.
- Two, the second school of thought states that Luna Classic will need Do Kwon and TFL if they are to succeed.
We are currently relying on the Community’s ability to take control of the LUNC.
Will Luna Classic recover? $LUNC vs $LUNA vs BTC and ETH
$LUNC price has outperformed other cryptocurrencies by a wide margin over the past 4 months. Most investors are optimistic about lunc price performance in the rest of September due to the On-Chain burn tax that was launched on Wednesday.
While a vision for LUNC has not been outlined, there is sufficient evidence that the community’s passion has led outsiders to ask about launching apps on the classic earth blockchain.
Will Luna Classic recover? Macroeconomic factors
- On Wednesday, the Fed raised rates by 75 basis points. This is bad news.
- Putin is sending more soldiers to Ukraine. This is bad news.
- Crude oil is below $95, that’s great news
- China’s August trade numbers are not great. This is bad news
- Inflation numbers in Europe are rising. This is bad news
- The gas crisis in Europe may not turn out to be as serious as expected. This is good news.
The macroeconomic environment is worsening again, complicating the recovery of financial markets and also of the LUNC.
Will Luna recover? What is working in favor of Luna Classic?
- Coordinated community organization
- LUNC combustion continues even if it works slower than expected (Luna Classic Burn Tax of 1.2% will be implemented on September 21st)
- Put in place new validators and work hard to put governance mechanisms in place
Community is critical to LUNC’s success.
Can Luna Classic recover? trading volumes $LUNC vs $LUNA
LUNC tends to dominate for fewer days in a month, but pumps much harder than $LUNA. For example, LUNC had 13 days when the volume had risen above $1 billion since July. It was only 6 days to $LUNA. This volatility is strongly linked to the flow of news and community activities that is absent in the case of $LUNA.
|Days when LUNC was ahead||Moon days was ahead|
|September||17 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 volume data $LUNC of the last 31 days, it is clear that Luna Classic also depends on high volumes for the price increase.
LUNC appears to follow the path of the PUMP in June, LUNC PUMPED from $0.00006 to $0.00016 before crashing all the way up to $0.00008. In the September PUMP, LUNC peaked at around 0.00059 and then dropped to 0.00025. Since then it has risen higher. The difference between the pump in June and September is that LUNC quickly achieved the 50% drop in September (in days vs weeks in June-July). $LUNC holds $0.00028 at the moment.
Will Luna recover? To conclude
At Sum, the chances of recovering $LUNC are good as the overall cryptocurrency market has also begun a recovery path. However, if community activities were to stall, it could end cryptocurrency quite quickly.