Terra Luna Classic price prediction is now bullish after LUNC bounced off the 50-day moving average support area of $0.00022525. Most of LUNC’s bullish trend is driven by the new burn mechanism.
Binance, a cryptocurrency exchange, has created a new burn mechanism for the Luna Classic (LUNC) token, bringing renewed interest to the original Terra chain’s token.
The question now is how high LUNC can rally by 2023. Let’s find out!
Binance Implements Terra Classic (LUNC) Burn Mechanism
Accordingly to Binance’s announcement, the exchange decided to develop a burn mechanism to transfer all trading fees on LUNC spot and margin trading pairs to the LUNC burn address. This announcement will be updated weekly with the precise quantity of LUNC to be burned, its corresponding value in USDT, and the on-chain transaction ID.
About 7.2 billion LUNC were burned in batch 1 of LUNC burn. However, There has been no apparent change in the rate of cryptocurrency burns nearly two weeks after the widespread burn of the infamous LUNC began.
It’s worth noting that approximately 6 billion LUNC were taken off the market as trading commissions after the first batch burnt. The data on trade volumes suggests a decline in the LUNC burn rate.
Furthermore, by October 10, we should have an accurate count of the coins Binance has destroyed.
As the primary factor in the number of trading fees and taxes paid on trades, a decrease in trading activity might have an unfavorable impact.
Binance Calls Upon Other Exchanges to Implement Burn
According to recent tweets by Luna C Whale, Binance, the leading cryptocurrency exchange, has invited other exchanges to implement the LUNC burn mechanism.
Thousands of users have retweeted the news, but the source has yet to be confirmed. If this is correct, we may see more LUNC price support in the coming days.
Previously, the CoinMarketCap statistics show that if the LUNC trade volume were $913 million on Monday, October 3, it would drop to $250 million by the end of the week. LUNC traders will be watching for the next announcement on the LUNC burn figure with bated breath.
Terra Classic’s current price is $0.000294, with a 24-hour trading volume of $260,425,822. Terra Classic has increased by 1.63% in the previous 24 hours. CoinMarketCap now ranks 32nd, with a live market cap of $1,809,604,400.
Terra Luna Classic Price Prediction – How High Can LUNC Rally By 2023?
Technically, LUNC has bounced off the 50-day moving average line at $0.000279 and is now trading at 0.000294. The LUNC/USD has completed a 61.8% Fibonacci retracement at $0.000279, and candles closing above this level increase the likelihood of a bullish reversal.
LUNC’s immediate resistance remains at $0.000342, which is extended by a 38.2% Fibonacci retracement.
Above this, LUNC can target the 50% and 61.8% Fibonacci retracement levels, which are at $0.000392 and $0.000440, respectively.
The leading technical indicators, the relative strength index (RSI) and the moving average convergence and divergence (MACD), are tossing in the bullish and bearish zones on the daily timeframe.
These indicators show a tug-of-war between bulls and bears, implying that investors are waiting for a compelling reason to make their next move.
On the downside, a break of $0.00028 could send the LUNC price down to $0.000227 or $0.000185 support.
How High Can LUNC Rally By 2023?
Given the success of the LUNC burn, LUNC has the potential to attract buyers, and increased demand could push the LUNC price up to $0.000439 or $0.000586.
A further bullish breakout in LUNC could open up more room for buying until $0.000765 (1.14% Fib extension) or $0.000997 (1.14% Fib extension) levels.
LUNC Alternatives – Tamadoge & IMPT Pumping
Tamadoge, a meme coin, has grown in popularity since its yearly low of $0.01683. OpenSea now sells ultra-rare Tamadoge NFTs starting at 1 WETH. Tamadoge has become the third most valuable meme coin in the crypto space.
On the other hand, IMPT’s presale remains in the highlights. Even though the blockchain-based carbon credit marketplace launched its auction during a cryptocurrency bear market, demand for the marketplace token remained high.