Price of Terra Luna Classic (LUNC) Increases by 60% as Trading Fee Burn Mechanism is Launched by Binance

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Due to the Monday Binance tax implementation, Luna Classic (LUNC) started to bounce. The price has already surged by 50%, smashing through a significant resistance in the process.



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Bitfinex, a cryptocurrency exchange, has acknowledged that it is aware of the LUNC 1.2% tax burn and that it is "reviewing the required changes needed to facilitate this procedure." This statement makes it appear possible that Bitfinex would also apply the change.

In order to burn all trading costs on LUNC spot and margin trading, Binance declared that a burning mechanism has been put in place. Previously, only deposits and withdrawals used this burn process.This address, which is known as the LUNC burn address, will now receive all trading fees. Payments can be made in USDT, BUSD, or BNB. They will then be converted to LUNC and deposited at the specified address.

Additionally, Binance promised to provide a weekly burn report every Tuesday at 0:00UTC. The initial burn records estimations have not yet been made public. On Oct. 3, exactly one week following the announcement, they will be updated.



Source

Despite this encouraging statement from Binance, it is important to note that Do Kwon, the co-founder of Terra, is still wanted by the law, and Interpol has issued a "Red Notice" calling for his capture. Since peaking on September 8 at $0.00059, LUNC has been falling. A sinking resistance line was followed by the downward momentum, which resulted in a low of $0.000179 on September 25.

The following day, LUNC started a big upward trend that has since increased by 50%. Even if the price has risen, it is currently at a cluster of significant resistance levels, a breakout over which is necessary for the trend to be deemed bullish. Resistance for LUNC is coming from the $0.0003 resistance area, the 0.382 Fib retracement resistance level, and the 50 line for the RSI (red circle).

In order to validate the bullish reversal and the breakout from the resistance line, a breakout above these levels is necessary. The daily close today is so crucial since it might validate either a breakout or a rejection.

Posted Using LeoFinance Beta

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11 comments
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The original terra chain should never have been abandoned.

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You get the point, but they know why they did that tho.

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They scammed all the original Luna holders. Overall I think Terra in any form is dead, time will tell I guess.

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So much action is happening in this ecosystem. We will see if this will have a long-term positive effect..

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Well let's hope for the best

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I think I need to check my protfolio, I may have some

but wait whats the difference between this an the Lunc and the other Luna?

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I think they are the same

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They aren't the same. Luna classic is the original chain. Luna 2.0 is what they tried to move to instead of fixing Luna classic with a burn function to reduce the supply.

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Ohh! Thanks so much you are amazing

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