Crypto analysts say that Terra (LUNA) and LUNA Classic (LUNC) have so many hurdles to pass to reach $120, which was the price of $LUNA before the crash started.
The fact that 99% of the TerraInvestors can lose money by making poor trading decisions (like acting out of fear or greed), but they can also put their faith in projects that turn out to be ponzi schemes or whose poor development results in code that is vulnerable to hacker assaults.
LUNA value crashed below zero in just 48 hours says much about the decline in investors’ confidence levels.
The recent price performance for the Terra (LUNA) and LUNA Classic coins has been demoralizing to investors. The spikes have been so frequent over the last few months but have been followed in by deeper plunges.
The Terra (LUNA) coin has also lost almost a 75% of its value after launching.
The $LUNC has also been dipping, and the bear markets have been making the situation even tougher for the coin.
In fact, most of the selling holders have been accumulating Centcex (CENX), Bitgert (BRISE), and a few other mooning coins. The Bitgert coin has been the most attractive coin to LUNA and LUNC investors in the past few weeks.
To stop the downtick and start a consistent upward trajectory, crypto experts have identified a number of hurdles that these coins need to get passed.
Don Kwon Influence
One of the things that the Terra (LUNA) and LUNA Classic projects must do is move past Don Kwon, the founder. Ince the crash of Terra, news headlines about the founder have been causing these coins to crash.
The most important to note is the release of the Don Kwon arrest warrant by the South Korean authorities and the impact it had on the price performance.
The move triggered massive withdrawals, and the price of the coins plummeted by a significant percentage. For these coins to regain the investors’ confidence, they will need to alleviate the influence of the founder.
However, this will need the restructuring of the project and might take some time.
Building Utility
Terra (LUNA) and LUNA Classic (LUNC) developers will need to build a utility for these coins. This is an important aspect of the current market, where coins without utility are not attracting attention.
Therefore, the teams must start building utility, which is lacking at the moment.
This will be a key driver to the bullish price growth of these coins as they will be able to compete with Centcex (CENX) and Bitgert (BRISE).
Bottom Line
The bottom line is that Terra and LUNA Classic are coins that will have tough competition to beat in Centcex (CENX) and Bitgert (BRISE). Without addressing Don Kwon’s influence and building utility, these coins show little promise to rise again.