Will Luna Classic Recover? $LUNC Underperforms as volumes reach 1 Month low

Will Luna Classic Recover? Luna Classic rose for the 4th day in a row but continues to underperform the market. 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?

  • Luna Classic is up 72% from June 18th, the day the cryptocurrency market reached its bottom for the year
  • Ethereum is up 60%
  • Bitcoin is up 17% while Terra Luna 2.0 is down 11%
Will Luna Classic Recover? $LUNC Underperforms as volumes reach 1 Month low

June 18th continues to be the year low for BTC and ETH. This is good news because

  • Both BTC and Ethereum have stayed above that bottom reached on June 18th.
  • 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 $14 below the June 8th levels
  • Numerous technical analysts believe that Bitcoin had reached its 2022 bottom in June

That said, 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. Germany is on the brink of a recession.

10k Jackpot NewSizes EH 07 3

Will Luna Classic Recover? $LUNC vs BTC and ETH

This month has been bleak for LUNC. It has lost nearly 14%, the worst amongst ETH, BTC and even Terra Luna 2.0. With volumes crashing, it is at risk of falling even lower.

Screenshot 2022 07 29 at 2.32.38 PM

What was working for Luna Classic?

  • Solid community organizing

luncvalidator on Twitter: “The #TerraRebels team is expertly setting the foundation for #LUNC to be the star of the next bull run.The community is organizing. Validators are coming on board. The next weeks will be exciting and critical.Where do you see $LUNC in 1 year? Share your predictions below.👂 pic.twitter.com/g6SWjtuneS / Twitter”

The #TerraRebels team is expertly setting the foundation for #LUNC to be the star of the next bull run.The community is organizing. Validators are coming on board. The next weeks will be exciting and critical.Where do you see $LUNC in 1 year? Share your predictions below.👂 pic.twitter.com/g6SWjtuneS

  • 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
  • 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 is now struggling sustain high volumes as the entire crypto market is rising giving traders and investors other opportunities to pursue.

image 311

LUNC latest tweets

luncvalidator on Twitter: “The future of $LUNC is highly dependent on @orion_money right now. We need 12% more and they are a validator with a >14% share of the votePlease do the right thing for $LUNC and for crypto as a whole. This has gone on way too long. It’s time to re-enable delegation and staking pic.twitter.com/ajfYAtHqZz / Twitter”

The future of $LUNC is highly dependent on @orion_money right now. We need 12% more and they are a validator with a >14% share of the votePlease do the right thing for $LUNC and for crypto as a whole. This has gone on way too long.

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. However, it may be a quiet period now with a move lower until August given the increased competition from other altcoins
  • 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.

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.

Will Luna Classic Recover? $LUNC Falls below $0.00006 as Development team begins to take shape


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