Luna Classic is morphing into a community driven project. After the big crash of Terra Luna there was a clear need for a split which happened through the fork. We believe that the Luna community did the right thing: taking the lead in reviving the initial network which became Luna Classic. In line with our cryptocurrency predictions 2023 we believe that Luna Classic (symbol LUNC) might become the meme coin of the year. That’s why our Luna Classic price forecast for 2023 comes in around 0.001 USD. That’s approximately 3x upside against the current price. As a sidenote, it’s not as bullish as our XRP forecast but LUNC is the wildcard in the game so eventually LUNC might overperform in 2023 or beyond.
It was a real drama. One of the most successful blockchain projects, Luna Terra, came down some 99.9999995% in Q2/2022. It all happened in a time span of 3 weeks.
Luna Terra was a very successful blockchain because it was used in the real world. Many use cases were documented that showed how the blockchain network was used in a few Asian countries to enable real time in-store payments.
The price of Luna Classic peaked around 120 USD. It crashed to 0.00005 USD approx. The fork took place which resulted in Terra 2 vs. Luna Classic.
Luna Classic in 2023
We believe that Luna Classic has a more potential to evolve than Terra 2. That’s because Luna Classic is driven by the Luna Classic community, a very active and engaged community, much more decentralized than Terra 2.
There is no precedent we can use to predict the future of Luna Classic. Everything will depend on how active the community will be. It is an equally important driver compared to the general trend in the crypto market.
Our assumption in writing this Luna Classic forecast 2023 is that the Luna Classic community will continue to be very active. Ultimately, they should be able to organize themselves in a way that a roadmap is developed which will re-enable use cases on the Luna Classic blockchain network.
So, let’s summarize the two drivers for this Luna Classic price forecast:
- Bitcoin moves higher in 2023, towards our target of 40k as a base case scenario. This might come after BTC moves lower as 2023 kicks off, but ultimately BTC needs readings above 33.3k in order for our bullish Luna Classic price forecast to come true.
- The Luna Classic community remains active and continues to develop on the Luna Classic blockchain.
Both conditions must be in place.
Luna Classic price forecast 2023: a W-Reversal
We don’t have any reference point for the Luna Classic price forecast we will do now other than the Luna Classic price chart.
The daily chart since May 13th is one of the two charts we can work with. The second chart is shown in the next chapter, there is only one day of a difference but the red candle of May 12th was huge (99%) so one trading day makes a big difference in this particular case.
All we can see on this chart is a bullish reversal between mid-May and mid-August, a period of exactly 3 months. We need to emphasize the word ‘exact’ because accurate timing readings enhance confidence in price readings.
The bullish reversal that took exactly 3 months to complete resulted in a 500% move higher in a period of 3 weeks (between mid-August and mid-September). Members of our premium crypto investing service received a Luna Classic tip right at the start of this epic rise, we also recommend to keep ‘free tokens’ which is the riskless way we want to accumulate tokens as long term crypto investors over time.
What the above chart tells us is that Luna Classic may fall to 0.00022 and still be wildly bullish for the long term. However, we don’t want to see readings below 0.00016 as this might invalidate the bullish case for 2023.
Ultimately, what we can see on the above price chart is a large W-reversal. The May and September peaks may be the first part of a W structure which is a long term bullish pattern. Again, we need a higher low against July and a breakout above the September highs in order for our bullish Luna Classic price forecast 2023 to materialize.
Luna Classic price forecast 2023: the upside potential
The daily chart since May 14th is second and last chart we can work with. This one has one additional trading day compared to the chart above. The one trading day saw a 99% decline, so it changes the profile of the price chart.
Interestingly, because of the first huge candle on this chart, the Luna Classic setup looks even more bullish. That’s because the scale has changed, it’s a tricky side-effect.
That said, the structurally higher lows is what stands out on this chart. That’s bullish until invalidated. We come to the same conclusion: the bullish Luna Classic price forecast will be at risk if 0.00016 does not hold.
What we may derive from this chart as well is that ultimately, if Luna Classic will be able to become an active project again, the top of the first candle might be hit again. We are not forecasting it will happen, it’s a conditional statement.
For those that believe that Luna Classic may go back to 1 USD, we are not convinced it will happen. However, it is reasonable to expect that 0.009 could be a reasonable bullish target for the long term, presumably beyond 2023, again only in case Luna Classic will do really well as a project over time.
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