The LUNC price is pumping again, up 15% this week and back in the five top crypto gainers today on Binance (ApeCoin tops the rankings).
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 September high for Terra Classic (LUNC) or ‘Terra LUNA Classic’ as some traders refer to it, is $0.000593, reached on the 8th.
That top was the peak of a 14.3x price move from the from 2022 lows of $0.00004123, hit on June 9th (counting LUNC price action since the Terra LUNA hard fork and the old coin’s rebranding).
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.
Terra Classic bounced near the weekly EMA 8 – front run there by the bulls and is now trading back above the May 30th day one all time high – the ‘Binance listing pump’.
Terra Luna Classic Price Prediction
If the LUNC price can close this week’s candle green and above that May 30th high ($0.00029) it would be a bullish signal for many buyers, showing Terra Classic had flipped that level to support on a high timeframe.
Doing this during FOMC week and outperforming BTC and ETH would be another show of strength and suggest the LUNC pump is not over and could 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.
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.
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