What's Next for LUNA and LUNC Prices? The Expected Move Has Arrived!

After long warnings, the LUNC tax update came. But it has not had the expected effect. But why? Are LUNA and LUNC reliable?

Do Kwon is on the run and investors continue to buy LUNA like crazy. Especially Turkish investors are showing great interest. The intense interest in such a risky asset, especially when the Fed meeting is so close, results in losses as expected. In our warnings many times before, we mentioned that LUNA and LUNC price could suffer serious losses.

Terra Classic (LUNC)

Terra Classic (LUNC) has returned to its former position after experiencing a sharp decline for nearly two weeks. On the other hand, Terra (LUNA) shows no signs of a bullish trend and is trading in a bearish trend. The Terra ecosystem exploded in May, causing many investors to lose billions of dollars. Yes, literally billions of dollars were wiped out of the wallets of cryptocurrency investors.

We see that an important update that has been hyped for LUNC has gone live. The announced 1.2% tax and its incineration move is now active. But there is a problem. In the last 24 hours, only about $2,300 has been burned on the network. No one wants to move 1.3% of their LUNC holdings on the network to lose it. Nor are DeFi or NFT investors creating activity on the network, as there are no worthwhile applications left in the Terra Classic ecosystem. So what will happen in the end? Most likely, due to investors who don't want to burn their money, the activity on the Terra Classic network will approach zero and we will see a ghost blockchain. He has already warned about this many times before. The tax issue was turned into a hype tool and investors misunderstood it. Many investors thought that exchanges like Binance would also deduct 1.2% from trading in pairs, triggering a daily burn of millions of dollars.

LUNC has moved between $0.00008988 and $0.0005888 in the last 1 month.

Terra (LUNA)

Last week, South Korean authorities issued an arrest warrant for Do Kwon, claiming he was a fugitive. Do Kwon himself has denied these rumours, but so far has not revealed his whereabouts. Following the denial, the prosecutor's office in South Korea announced that Do Kwon was not cooperating as stated and that they did not know where he was. A move was then made to issue a red notice.

Terra (LUNA) has also fallen sharply since September 9 and is down 66% so far. However, unlike LUNC, it is not showing any bullish signs. On the contrary, the price has created consecutive lower highs, a sign of weakness that supports the continuation of the downside move. Also, the six-hour RSI is below 50, a bearish sign indicating that a crash is likely. The next level for LUNA traders would be $1.6. However, LUNA and LUNC, which are also traded on futures markets, can make speculative moves in both directions, especially to liquidate accumulated short or long trades. This unpredictability makes it a gamble.