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Terra Classic Price Prediction on New Binance LUNC Burn News

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Following a piece of news from Binance, Luna Classic, which trades as LUNC, is up by more than 60% in under a day and has been holding a rank of #31 on coinmarketcap.com. This rise was followed by news from Binance after they made the announcement to cut the supply of the tokens by 1.2%.

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

In the process, a token is sent to a cryptocurrency address that isn’t operational by a user and, thus, helps reduce the circulating supply of the token, resulting in the bullish price action of the coin.

While this rise has changed the sentiment around LUNC, it still is miles apart 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 on a Twitter AMA, stating that the exchange will provide a separate option for people to “opt-in” to pay the tax. And further, a blog post introduced a voting mechanism to burn the coin.

Opt-In To Burn

In the blog post, Changpeng Zhao introduced a three-step plan explaining the application of the tax burn.

The first step involves providing an opt-in button to users, wherein people can choose to pay the 1.2% tax on their LUNC trading or not.

If the accounts that have opted in reach a holding of 25% of the total supply held on the exchange, Binance will move on to the second step. Where the exchange charges a 1.2% tax burn for all traders who’ve opted in.

Under the third step, the 1.2% trading tax will be rolled out for all the LUNC trading if the opt-in traders reach 50% of the total LUNC trading volume on the exchange. Additionally, if the second step isn’t reached within a month of launching the opt-in button, or falls back below the targeted value, the exchange will remove the button for a simpler user experience.

The exchange notes that the burn mechanism has been adopted after the recommendation from the Terra community. And the goal of the exchange is to maintain a good trading experience as they burn trading fees.

Terra Classic LUNC- Price Prediction

The news from Binance has already triggered a bullish trend for LUNC and could create enough hype for the coin to cross a major resistance level of $0.000362.

Terra Classic Price RSI

From a technical standpoint, LUNC has quickly transitioned from being in the oversold to overbought territory on the 4-hour relative strength index. It recovered from its lost support levels of $0.00022, $0.00025, and $0.000264 and is now attempting to cross levels of $0.000335 soon.

While the bulls seem to play strong positions in the market, the token can retrace 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 to be 64%, according to coinmarketcap.com.

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