Terra Classic Price Prediction on New Binance LUNC Burn News

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Following the news from Binance, Luna Classic, which trades as LUNC, has surged over 60% in less than a day and remains ranked #31 on coinmarketcap.com. This increase follows news from Binance after they announced to cut the supply of tokens by 1.2%.

“Binance implements a burn mechanism to burn all transaction fees on the LUNC space and send them to the LUNC burn address.”

In the process, a token is sent to a user-unactivated secret address, helping to reduce the circulation of the token, resulting in the coin’s higher price action.

While this increase has changed the sentiment around LUNC, it is still miles away from its high of over $100 earlier this year and is currently trading at $0.0003.

Changpeng Zhao, CEO of Binance, announced the 1.2% tax on LUNC transactions in a Twitter AMA, saying the exchange will give people a different option to “opt in” to pay the tax. And furthermore, the blog post introduced a voting method to burn the coin.

Choose to burn

In a blog post, Changpeng Zhao introduced a three-step plan that explains the implementation of the tax burn.

The first step involves giving consumers an opt-in button, where people can choose to pay a 1.2% tax on their lunch business.

If the selected accounts reach 25% of the total supply held on the exchange, Binance will go to the second stage. For opt-in merchants, the transaction is subject to a 1.2% tax burn.

In the third stage, a 1.2% business tax will be released for all LUNC transactions for merchants if they reach 50% of the total LUNC transaction volume. Additionally, if the second step is not reached within a month of starting the opt-in button or falls back below the target value, the exchange will remove the button for a smoother user experience.

The exchange mentions that the burning method was adopted after feedback from the Terra community. And the exchange’s goal is to maintain a good trading experience while burning trading fees.

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Terra Classic LUNC- price prediction

The news from Binance has sparked a bearish trend for LUNC and may provide enough impetus for the coin to break through the $0.000362 resistance level.

Terra Classic Price RSI

From a technical perspective, LUNC quickly moved from oversold to overbought territory on the 4-hour relative strength index. It recovered from the lost support levels of $0.00022, $0.00025 and $0.000264 and is now trying to cross the $0.000335 levels soon.

Although the bulls seem to be playing strong positions in the market, the signal can return to the 0.236 Fibonacci level at $0.000292 and the 0.382 Fibonacci level at $0.00027 in a few days. So far, the last known pump for the price was recorded as 64%, according to coinmarketcap.com.

Buy lunch

Your capital is at risk.

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