Terra Classic Price Prediction – Is LUNC Dead, Two Experts Predict ‘Zero’
The day the Terra Classic price (LUNC) hit its 2022 top, two of the best crypto traders correctly predicted the bull run was over.
That was September 8th, when the LUNC price reached $0.000593 on Binance, and by mid October LUNC was trading over 50% lower, below the $0.0003 support level.
Update May 2023 – since writing this post, the Terra Classic price has dropped 75% further.
Terra LUNA Classic Price Prediction – Light Crypto
Light (@lightcrypto), who has 169,000 followers, tweeted: “Think LUNC burn trade is about to implode, momentum just broke, elevator down is a high possibility”.
GCR (@GiganticRebirth), who has 187,000 followers, replied from his secondary account with a Hillary Clinton quote “that’s right, zero”. GCR famously won a $10 million bet against former Terraform Labs CEO Do Kwon, with his bearish Terra LUNA price prediction back in March.
Light, who runs a prop trading firm, then posted a long tweet thread a few days later with a mix of fundamental and technical analysis:
/1 some thoughts on the LUNC burn catalyst —— light (@lightcrypto) September 11, 2022
Or, how I learned to stop worrying and love the pump and dump.
As well as predicting the Terra Classic price action would be a pump and dump – “pumped by hit-and-run developers and cynical exchange operators, all taking advantage of the hordes of retail looking to make it all back in one trade” he tweeted a few days later that LUNC would drop 90%+ to return to its origin, or lower.
Later that month, the LUNC price did crash 70% to $0.000179, although nothing goes down in a straight line (the Terra LUNA collapse in May was a black swan event caused by the circulating supply hyper inflating to 6.5 trillion).
For Light’s prediction to play out – he charted a target of $0.00004, the yearly low of the new Terra Classic asset since the hard fork, hit on June 9th 2022 – the LUNC price would need to drop 84% from today’s price.
LUNC Price Prediction Tweets – LUNC Burn
Light’s most recent tweet thread centred around Binance burning LUNC tokens, and how the 1.2% LUNC burn is not enough to justify Terra Classic increasing over $1 billion in market cap since it was announced.
He also posted Coinalyze data on Oct 3rd showing an “insane amount of deadwood to wipe out in LUNC derivatives, $262.2 million across venues and instruments, all levered, all driven by a bankrupt narrative into a sell the news event.”
Light opened a Terra Classic short position on Oct 2nd:
“LUNC managed to add over $1b in market capitalization on a Binance announcement that will see a few million dollars removed from its circulating supply tomorrow.
And in the long run, that weekly burn will trend to 0 along with LUNC’s volume. Filled full short again.”
Incredibly, Oct 2nd was again a top, as the LUNC price spiked back to $0.000372 but the bounce from $0.0001794 ended there.
Like his Sept 8th post, the Terra Classic price has not traded higher than that day since then.
Across crypto Twitter circles, Light is considered one of the best crypto traders to follow for price predictions and other market analysis.
As is GCR, who corrected predicted the Bitcoin price was topped out back in November 2021, when the all-time high of $69,000 was hit and the bear market began.
We reported on how Gigantic Rebirth shorted LUNC at $0.00042 on Sept 9th, and was up almost $4.4 million in PnL a week later.
Also on the day the Terra Classic price topped, another notable crypto analyst Tree of Alpha compared LUNC to a ponzi scheme and pointed out transaction tax burns didn’t prevent SafeMoon from going to zero.
Current $LUNC PA is a result of being a near-perfect memecoin right now:— Tree of Alpha (@Tree_of_Alpha) September 8, 2022
-chart showing historical $50+ prices
-big (mostly uneducated) community
-ponzinomics-based hype (tx tax burn)
But eventually it won't matter.