Terra Luna Classic Crypto Price Prediction – LUNC Pumping Now
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Terra Luna Classic (LUNC) crypto explodes once again following an extremely bullish tweet from Binance.
Only yesterday the price of LUNC plummeted down to $0.000179 and today LUNC has reversed back to $0.00029.
Will LUNC continue to surge in price? LUNC is available on Binance.
Terra Luna Classic (LUNC) Price Prediction
The sentiment for Terra Luna Classic (LUNC) has flipped from bearish to bullish following some extremely important news from the CEO of Binance @CZ_Binance on Twitter.
It is officially stated that the major centralized exchange Binance will now support the Terra Luna Classic (LUNC) burning mechanism to help reduce the supply.
» Binance To Implement Terra Classic (LUNC) Burn Mechanism— CZ 🔶 Binance (@cz_binance) September 26, 2022
Quick thread on what we’re doing and why below.https://t.co/b86RlCGPmv
It is especially interesting that the CEO of Binance has also announced that they will begin burning all trading fees collected on the LUNC/BUSD and LUNC/USDT spot and margin trading pairs on Binance.
Instead, we have decided to begin burning all trading fees collected on the LUNC/BUSD and LUNC/USDT spot and margin trading pairs on Binance.— CZ 🔶 Binance (@cz_binance) September 26, 2022
Fees will be converted to LUNC then sent to the burn address. The burn is paid at our expense, not the users’.
Fees will be converted to LUNC, then sent to the burn address. This means the fees are paid at Binances expense and not the users.
This particular news alone could create enough hype and bullish momentum to bring the price of Terra Luna Classic (LUNC) back above a major resistance level of $0.000362.
LUNC can be bought today on Binance, trading LUNC on Binance will contribute to the overall burnt supply of LUNC tokens.
Terra Luna Classic (LUNC) Technical Analysis
From a technical analysis perspective, Terra Luna Classic (LUNC) is moving extremely fast and has rapidly gone from an oversold territory on the 4-hour relative strength index to overbought.
Terra Luna Classic (LUNC) surged back through the lost support levels of $0.00022, $0.00025 and $0.000264 and is now trying to recover back above $0.000335 and $0.000362.
Bursting through the upper level of the bollinger bands too, it is quite easy to identify that the bulls are clearly back in control. The overbought position could mean that there is a slight risk of retracement following such market euphoria surrounding Terra Luna Classic (LUNC).
The bullish news for Terra Luna Classic (LUNC) has led to the price exploding over 66% in the last 24 hours.
A retracement for LUNC down to the 0.236 Fibonacci level at $0.000292 and the 0.382 Fibonacci level at $0.00027 could be expected for the short-term.
Terra Luna Classic Burnt Supply
The morale of the Terra Luna Classic (LUNC) community has been restored following today’s Binance news.
It is important to remember the LUNC is a community based token and the price action can rely on the sentiment of LUNC holders at any given time.
According to Terrarity, the community has been able to now burn 4,245,661,335 LUNC tokens which is around 0.08% of the total supply in circulation.
The new integration of the burning tax mechanism on the Binance exchange is a huge step forward for the LUNC bulls.