CZ Binance Tweet Skyrockets Terra Classic’s (LUNC) Price: Where Does Price Head From Here?

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The price of the Terra Classic (LUNC) cryptocurrency surged once Binance posted a positive tweet. LUNC price dropped to $0.000179 just one day ago, but today it recovered to $0.00029.

Now crypto enthusiasts are eager to see what the price of Terra Classic will be. Will it continue to rise or fall? Read on to learn more.

Which way is the price headed?

The sentiment surrounding Terra Classic has turned from negative to positive after Binance CEO CZ Binance released some surprisingly significant information on Twitter. Binance, a popular centralized cryptocurrency exchange, has now made a formal announcement that it is in full support of the Terra Classic burning method, which helps reduce the total token supply.

In particular, it is noteworthy that the CEO of Binance announced that the company will start burning all trading fees earned on the LUNC/USDT and LUNC/BUSD margin and trading pairs on Binance. This news adds to the intense curiosity surrounding Binance.

The transaction cost is first converted to a LUNC before being moved to the burn address. This shows that Binance is responsible for paying the fees rather than the users of the platform.

This single piece of news alone could create enough excitement and positive momentum to push Terra Classic’s price above the significant resistance mark currently sitting at $0.000362.

Note that Binance is currently the only exchange where LUNC can be purchased; Be on the lookout for further developments in this space as every LUNC-related activity on Binance adds to the total number of LUNC tokens burned.

Looking at Terra Classic from a technical point of view

From a technical analysis perspective, Terra Classic is moving at an impressive pace and has quickly moved from the oversold range to the overbought range on the 4-hour relative strength index.

Terra Classic had a strong rebound and broke the lost support levels at $0.00022, $0.00025 and $0.000264. Currently, the cryptocurrency is trying to bounce back above $0.000335 and $0.000362.

It is very easy to see that the bulls are in a strong position in the market due to the price breach at the upper level of the Bollinger Bands as well.

Due to the overbought condition, there is a possibility of a price reversal following the broad market euphoria in the Terra Classic area. The price of Terra Classic increased by more than 66% in the last day as a direct result of positive developments in the cryptocurrency.

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In the short term, it can be assumed that the price of Tera Classic, which is at $0.000292 at $0.000292 and the 0.382 Fibonacci level, will come back up to the 0.236 Fibonacci level.

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Fire Terra Classic Delivery.

After today’s news from Binance, the community behind Terra Classic has regained its previous level of brilliance. Keep in mind that Terra Classic is a community-based token and its price movement may depend on the sentiment of Terra Classic owners at any given time. This is one important thing to remember.

According to reports from Terrarity, the Terra Classic Token community has managed to burn 4,245,661,335 of its own tokens, which currently accounts for 0.08% of the total amount in circulation. The bullishness about Terra Classic has recently increased due to the integration of the tax method that is burning on the Binance market.

Is there a more profitable investment than Terra Classic?

After the huge wave of excitement for the terra classic cryptocurrency, many investors are no doubt experiencing what analysts like to call “FOMO”, which stands for “fear of missing out”.

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