On the downside, a break of $0.00028 could send the LUNC price down to $0.000227 or $0.000185 support. These indicators show a tug-of-war between bulls and bears, implying that investors are waiting for a compelling reason to make their next move. The leading technical indicators, the relative strength index (RSI) and the moving average convergence and divergence (MACD), are tossing in the bullish and bearish zones on the daily timeframe. LUNC's immediate resistance remains at $0.000342, which is extended by a 38.2% Fibonacci retracement.Ībove this, LUNC can target the 50% and 61.8% Fibonacci retracement levels, which are at $0.000392 and $0.000440, respectively.
The LUNC/USD has completed a 61.8% Fibonacci retracement at $0.000279, and candles closing above this level increase the likelihood of a bullish reversal. Technically, LUNC has bounced off the 50-day moving average line at $0.000279 and is now trading at 0.000294. LUNC Price Review - Source: Coinmarketcap Terra Luna Classic Price Prediction – How High Can LUNC Rally By 2023? CoinMarketCap now ranks 32nd, with a live market cap of $1,809,604,400. Terra Classic has increased by 1.63% in the previous 24 hours. Terra Classic's current price is $0.000294, with a 24-hour trading volume of $260,425,822.
LUNC traders will be watching for the next announcement on the LUNC burn figure with bated breath. Previously, the CoinMarketCap statistics show that if the LUNC trade volume were $913 million on Monday, October 3, it would drop to $250 million by the end of the week.
If this is correct, we may see more LUNC price support in the coming days. Thousands of users have retweeted the news, but the source has yet to be confirmed. Binance Calls Upon Other Exchanges to Implement BurnĪccording to recent tweets by Luna C Whale, Binance, the leading cryptocurrency exchange, has invited other exchanges to implement the LUNC burn mechanism. The data on trade volumes suggests a decline in the LUNC burn rate.įurthermore, by October 10, we should have an accurate count of the coins Binance has destroyed.Īs the primary factor in the number of trading fees and taxes paid on trades, a decrease in trading activity might have an unfavorable impact. It's worth noting that approximately 6 billion LUNC were taken off the market as trading commissions after the first batch burnt. Binance LUNC Burn - Source: Binance Announcements However, There has been no apparent change in the rate of cryptocurrency burns nearly two weeks after the widespread burn of the infamous LUNC began. This announcement will be updated weekly with the precise quantity of LUNC to be burned, its corresponding value in USDT, and the on-chain transaction ID.Ībout 7.2 billion LUNC were burned in batch 1 of LUNC burn.
Let's find out! Binance Implements Terra Classic (LUNC) Burn MechanismĪccordingly to Binance's announcement, the exchange decided to develop a burn mechanism to transfer all trading fees on LUNC spot and margin trading pairs to the LUNC burn address. The question now is how high LUNC can rally by 2023. Most of LUNC's bullish trend is driven by the new burn mechanism.īinance, a cryptocurrency exchange, has created a new burn mechanism for the Luna Classic (LUNC) token, bringing renewed interest to the original Terra chain's token. Terra Luna Classic price prediction is now bullish after LUNC bounced off the 50-day moving average support area of $0.00022525.
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