Will Luna Classic Recover? With most of the cryptocurrencies crashing but Luna Classic staying steady, does this mean Luna Classic is all set to recover?
Let us explore this from multiple perspectives and use historical and current performance data to arrive at a conclusion.
Table of Contents
Will Luna Classic Recover? $LUNC vs BTC, Last 5 days
Luna Classic has outperformed Bitcoin by a wide margin over the last 5 days. So this is good news as the cryptocurrency market has fallen off the cliff during the last few days.
Will Luna Classic Recover? $LUNC vs $TRX vs $BNX, Last 5 days
What about top performers like TRON and BinaryX? LUNC has outperformed the two top-performing cryptocurrencies too. This is also good news as these cryptos tend to handle crashes better. They have outperformed Bitcoin but $LUNC has done even better.
So, there is clear evidence of outperformance versus the Big and Performing cryptocurrencies, so does that mean Luna Classic will recover?
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 12 days, it is very clear that Luna Classic is also very dependent on high volumes for the price to move higher.
[Blue = Volumes, Orange = Market Cap]
Is Luna Classic going to recover? To Conclude
- Can Luna Classic Recover? The answer is YES it can recover
- 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?
Unfortunately, the answer is something we have said again and again. While the current focus is on Burn and what Do Kwon is doing, the larger question is what is the role of $LUNC in the larger scheme of a customer’s life. What will be the prime utility of $LUNC for a consumer or business?
As you are aware, Ethereum is a hard fork from Ethereum Classic and Ethereum Classic is now open source. This is how ETC has performed versus Ethereum over the last few years.
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, the chance of $LUNC outperforming leading cryptocurrencies that have a clear value proposition is quite low because of a lack of strategic differentiation.
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.