Will Luna Classic recover? Luna Classic fell to $0.00013 after a remarkable run from $0.00006 to $0.00017. Luna Classic can sustain momentum and climb even higher.
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?
It seemed that the cryptocurrency market bottomed out on June 19.
However, the continued failures of cryptocurrency companies, including Voyager today, make any prediction of a fund quite risky. That said, there are some positive signs
- BTC has remained above the June 18 low in recent days
- Crude oil prices are lower than 3 weeks ago
- Core PCE has increased at a slower pace than suggested expected The inflation rate is peaking
Will Luna Classic recover? $LUNC vs BTC and ETH, last 30 days
Luna Classic fell by almost 30% after a PUMP that almost tripled its prices. However, prices have risen again. In the last 30 days, BTC has lost more than a third of its value while Ethereum has lost over 40%. Luna Classic, on the other hand, increased by 34%
What is driving this recovery?
- Solid community organization led by members like LUNCDAO
- Continuous burning even if it works slower than expected
- Lucky announcements like the new spaceship of the NFT metaverse that accepts Luna Classic with a combustion target of 1.2%
- Hacker group Anonymous vows to target Terra Luna founder Do Kwon
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 $LUNC volume data from the last 28 days, it’s clear that Luna Classic also depends a lot on high volumes for the price to move higher. As Luna Trading volumes increased, so did the price. However, the price-volume correlation has weakened over the past 24 hours suggesting a potential correction.
Will Luna Classic recover? To conclude
- Luna Classic had almost tripled in value in the last 4 days and then dropped by 30%. That said, long-term growth will depend on greater community efforts.
- 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
