Will Luna Classic Recover? $LUNC Retreats from $0.00016, Will the Pump resume in July?

Will Luna Classic Recover? $LUNC Retreats from $0.00016, Will the Pump resume in July?

Will Luna Classic Recover? Luna Classic has fallen below $0.00012 after a remarkable run from $0.00006 to $0.00017. Can Luna Classic sustain the momentum and rise even higher.

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?

There is some initial evidence that we have reached the Crypto market bottom. But it will take anywhere between 3-5 weeks to confirm if this is indeed the case. In fact, Bitcoin fell as low as $18.7k during the last 24 hours.

Many metrics like the supply of Bitcoin from miners, Bitcoin technicals including RSI/ Elliot Waves as well as the drop in Crude Oil prices are signaling a positive shift in momentum for Bitcoin which in turn would also mean Altcoins like Luna would also rise. After all, Crypto prices started to fall soon after US inflation breached 6%.

Will Luna Classic Recover? $LUNC vs BTC and ETH, Last 30 days

Luna Classic fell by nearly 30% after a PUMP that almost tripled its prices. However, the prices retreated after the Crypto market crashed yet again. Over the last 30 days, BTC has lost more than a third of its value while Ethereum has lost nearly half. Luna Classic on the other hand has risen by 1%

Will Luna Classic Recover? $LUNC Rises above $0.00015, Will the Pump Continue?

What is driving this recovery?

  1. Solid community organizing led by members like LUNCDAO
  2. Continued burn even if it is running slower than expected
  3. Fortunate announcements like the new metaverse Starship NFT accepting Luna Classic with a 1.2% burn target
  4. The hacking group Anonymous promises to target Terra Luna Founder Do Kwon

Will Luna Classic Recover? What about Trading Volume?

High Trading volumes are good evidence of a cryptocurrency’s health. There are exceptions like $LEOUSD but most Cryptos that tend to have low volumes are either highly volatile or underperform the market.

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 Trading volumes surged over the last 4 days, so did Luna Classic’s price. However, volumes crashed following the wider cryptocurrency crash bring down the price by 30%

image

LUNC latest tweets

Originally tweeted by Nick Cruz | The Crypto Knight (@nickcruztrading) on July 1, 2022.

If $LUNC follows #bitcoin (and it seems to have re-coupled to it), and both make a tower top candlestick pattern, the drop would likely be at least ~120, but as low as 117-113.

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Is Luna Classic going to recover? To Conclude

  • Luna Classic had almost tripled in value over the last 4 days and then fell by 30%. That said, the long-term growth will depend on more efforts by the community.
  • 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. With a small dev team in the works, it needs to be seen if LUNC can differentiate itself from the rest, which will have a huge impact

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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