Price Analysis

How is The Terra Classic Burn Affecting the LUNC Price?

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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To maintain a positive user trading experience, the LUNC community requested to burn the trading charges. By delivering them to the LUNC burn address, binance  will burn all trading fees associated with LUNC spot and margin trading pairs. A suitable mechanism will be constructed to accomplish this. 

The exact amount of LUNC to be burned, its USDT equivalent, and the on-chain transaction ID shall be updated weekly.

  • LUNC prices spiked by 28% at the beginning of this month but declined quickly due to bearish dominance.
  • The prices dropped by 23% and immediately rebounded reaching their highs at $0.000305. As a result, the Terra Classic prices entered the ascending parallel channel.
  • The bears pushed the LUNC prices by 7% to the lower trend line of the parallel channel at $0.000281.
  • The bulls attempted a rally and tested the average level of the parallel channel at $0.000301 but failed to surpass it.
  • As a result, the Terra Classic token consolidated between the average level and the lower trend line of the parallel channel for two days.
  • The prices rebounded, surpassing the average level but declined at the same. The bulls did not give up and the LUNC prices surpassed the upper trend line of the parallel channel.
  • This move rose the Terra Classic price to reach its high at the current price of $0.000314. The bulls trying hard to push the prices beyond this level.
  • The LUNC prices could potentially rise to the immediate resistance around $0.000322.
  • The prices may fail to surpass the barrier of $0.000322 and drop to the upper trend line of the parallel channel. However, it may not enter the channel again.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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