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Terra Classic Price Prediction on New Binance LUNC Burn News

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 has been ranked #31 on coinmarketcap.com. This rise was followed by news from Binance after they announced they were cutting their token supply by 1.2%.

The token supply will be reduced by a burning mechanism where “Binance will implement a burning mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burning address.”

In the process, the token is sent to a cryptocurrency address that is not active for the user, thereby helping to reduce the circulating supply of the token, leading to a rising price of the coin.

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

Changpeng Zhao, CEO of Binance, addressed the 1.2% tax on LUNC off-chain trades in a Twitter AMA, noting that the exchange offers a separate option for people to “opt-in” to pay the tax. And furthermore, the blog post introduced the voting mechanism to burn the coin.

Opt-In To Burn

In his blog post, Changpeng Zhao presented a three-step plan that explains the application of tax burning.

The first step involves providing an opt-in button for users to choose whether or not to pay the 1.2% tax on their LUNC transaction.

If the selected accounts reach a share of 25% of the total supply of the exchange, Binance will move to the second stage. The exchange charges a tax refund of 1.2% to all participants.

In the third phase, a 1.2% trading tax will be applied to all LUNC trading if opt-in traders reach 50% of the total LUNC trading volume on the exchange. Also, if the second step is not reached within a month of launching the opt-in button, or if it falls below the target value, the exchange will remove the button for a simpler user experience.

The exchange notes that the combustion mechanism has been implemented following the recommendation of the Terra community. And the goal of the exchange is to maintain a good trading experience while they burn trading fees.

Terra Classic LUNC – Price forecast

News from Binance has already started an uptrend for LUNC and could create enough hype to push the coin above the major $0.000362 resistance level.

Terra Classic Price RSI

From a technical perspective, LUNC has quickly moved from oversold to overbought territory in the 4-hour relative strength index. It recovered from its 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 strong in the market, the token may return to the 0.236 Fibonacci level at $0.000292 and the 0.382 Fibonacci level at $0.00027 in a few days. According to Coinmarketcap.com, the last known pump in the price so far has been recorded at 64%.

Buy LUNC

Your capital is at risk.

Tamadoge – LUNA option?

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The token recently went through a pre-sale and raised over $19 million, raising expectations for a massive pump that could happen when the token is listed on the OKX exchange today at 24:00 BST for live trading.

The platform also has a raffle where you can earn up to $10,000 while adding a potential top 10 memecoin to your portfolio.

Read more

Tamadoge – Play and earn meme coins

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