Assessing the hype around LUNC if Coinbase, Robinhood listings go through
Terra LUNA Classic (LUNC) is trending once again as it aggressively continues its recovery journey on the charts. In fact, the cryptocurrency is off to a hyped start this month, on the back of the LUNC community pursuing a Coinbase listing.
Interestingly, the LUNC community just concluded another aggressive campaign, one that sought the 1.2% tax burn implementation on Binance. The community’s next move is to have LUNC listed on Coinbase and Robinhood. In fact, listing petitions had already been filed at press time.
Got a feeling that the "community" will use this as a trojan horse for a "#LUNCBURN mechanism" once approved?
— Mav Rey.cate ??⬛ (@DonBarang) October 1, 2022
The “Coinbase effect”
Coinbase listings have historically provided healthy traction for the listed cryptocurrency. LUNC’s listing can potentially open up an avenue for more liquidity from millions of investors in the U.S. A successful listing on Coinbase would likely have a price positive effect on LUNC. If successful, the community will likely push for Coinbase to implement the tax burn too.
A similar outcome is expected if LUNC secures a Robinhood listing. Both exchanges have millions of users, with both listings likely to provide more exposure to the cryptocurrency. Needless to say, Coinbase and Robinhood listing expectations are bound to generate market excitement for LUNC.
LUNC was trading at $0.00035, at press time, after a 92% hike on the charts. The aforementioned hike made it one of the market’s best-performing cryptos this week.
LUNC’s rally commenced after it interacted with the 50-day moving average, marking the end of its 69% bearish retracement. It still has some ground to cover before recovering its September high, however.
Its MACD managed to flip above the zero line over the last 24 hours. Its 9-day exponential moving average (EMA) just crossed above the 26-day MA, further contributing to the bullish signs.
LUNC’s chart indicators, at press time, suggested that the price might be headed for more upside in the coming days. However, on-chain metrics may not necessarily align with these sentiments. For example, social dominance is down significantly since 25 September, from around the same time that the latest rally started.
LUNC’s social dominance will likely be higher if the Terra LUNA Classic community continues to push for Coinbase and Robinhood listings. A favorable outcome might boost the coin’s demand.
On the other hand, the opposite outcome might spoof investors, triggering another sell-off. On top of that, LUNC’s developer activity metric is down to its 4-week low too.
The Terra LUNA Classic community’s determination to ensure its success has so far yielded favorable results. It recently managed to convince Binance to implement the tax burn, demonstrating its strong influence. It will be interesting to see how this campaign pans out, especially if Coinbase and Robinhood will follow through with the listing requests.
Finally, investors should keep an eye out for the cryptocurrency, especially if the listings are approved. This, because LUNC listings will usher in more liquidity while paving the way for more burns.