The LUNC price is pumping again, up 15% this week and back in the five top crypto gainers today on Binance, just behind ApeCoin.
This latest LUNC pump is a considerable show of strength by the bulls – with the Bitcoin price still trading under $20,000 and Ethereum under $1,400 as market sentiment moves ‘risk off’ heading into the FOMC meeting Wednesday.
Terra Classic Price History
The current monthly high for Terra Classic (LUNC) or ‘Terra LUNA Classic’ as some traders refer to it, was $0.000593 on September 8.
That top was the peak of a 14.3x price move from the 2022 lows of $0.00004123, hit on June 9 (counting Terra price action since the Terra LUNA hard fork and its rebranding to LUNC).
After an almost 1,500% move a correction and consolidation was to be expected – the LUNC price has retraced as low as $0.00024 this month, a 60% pull back.
The Terra Classic price bounced near the weekly EMA 8 – front run there by the bulls and is now trading back above the May 30 day one all time high – the ‘Binance listing pump’ effect.
Terra Classic Price Prediction
If the LUNC price can close this week’s candle green and above that May 30 high ($0.00029) it would be a bullish signal for many potential new buyers, confirmation that Terra Classic had flipped that level to support on a high timeframe.
Closing around the $0.0003 level or higher during FOMC week and outperforming BTC and ETH would suggest the LUNC pump is not over yet and will see bullish continuation to the upside.
The LUNC price chart would flip its market structure bearish if it begins closing more weekly candles under $0.00029 however – as it did last week before bouncing.
Crypto trader Gigantic Rebirth, who predicted the original LUNA crash, closed his Terra (LUNA) short position earlier this week but has not yet closed his LUNC short – which is one bearish case for LUNC.
Why is LUNC Pumping?
Part of the appeal of Terra Classic or ‘LUNA Classic’ is that it is the original Terra LUNA coin and now owned by the community with Do Kwon not being involved.
Lunc is “Not” affiliated with do Kwon. Only Luna 2.0. Lunc is run by the community now. The official 1.2% burn starts tomorrow. So people are loading up their bags now.
The founder of Terraform Labs is now reportedly a fugitive on the run from South Korean prosecutors, although he has denied that rumor.
As Reddit crypto investors in the above discussion thread commented:
He abandoned it to start a new coin, so people are buying the abandoned child.
In some sense Terra Classic has adopted the community feel of meme coins or meme stocks.
Meme tokens still having mass appeal was demonstrated this week when new meme crypto Tamadoge sold out its presale early despite the Bitcoin and Ethereum price crash.
We’ll be posting more Terra Classic price predictions and analysis this week in the run-up to FOMC day and following the Fed’s announcements.
The Terra Classic price now is approximately $0.00031 with a live market cap just under $2 billion.
Buy Terra Classic on eToro
Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
This news is republished from another source.