Good day Hiveians!
Join me in analyzing the crypto markets!
Luna split into LUNA and LUNC some months ago
This was when the whole chain collapsed since the "stable" coin Terra depegged to which it was bound. Since then LUNA classic (LUNC) crashed to almost 0 and made a somewhat strong recovery since the chain introduced a burning fee for every transaction. It is now still on rank 40 of all coins measured by its market cap. Even with an incredibly low price it is still in the top 40 since its supply is at almost 6 Trillion!
6 trillion is a lot. It is so much still that I wonder if the supply will actually come down significantly. I remember that it started with something like 7 trillion after the crash. So it seems that 1 trillion have been burned in about 5-6 months (correct me if I'm wrong!). If so, it would still take years for the supply to go under 1 trillion (which is still way too much!). But if price stabilizes at current levels it would significantly increase its market cap as well.
The coin has established a diverging channel of which it seems to have reached the bottom. After that it could again enter a strong impulse wave aiming for the top of this channel. The volume as well as the movement is clear and is marked with the purple paths.
Since the fib retracement was a good indication of the next subwave top, we can use it again to estimate a possible future breakout to the top.
This would suggest a top of about 0.0029 or a 16x from current levels in spring of 2023. That is a big movement, however, and there are many reasons for why it may not quite play out like that. But still, it could be a risk worth gambling on (but I would not put a serious amount of money in it).
The future of the chain is completely ambiguous, so any investment into LUNC or even LUNA should be seen as a risk investment.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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