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Terra Classic Pumps 70% in Seven Days: Here’s Why

LUNC Price Chart
LUNC Price Chart

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Terra Classic pumps 70% in seven days amid a slew of fundamentals covered in this update. Terra Classic’s current price is $0.000404, with a 24-hour trading volume of $1 billion. In the last 24 hours, Terra Classic has dropped 12.94%. CoinMarketCap currently ranks #30, with a live market cap of $2.4 billion. It has a total circulating supply of 6,151,072,613,161 LUNC coins.

Community Led Initiative

Following the implementation of plans to resurrect the formerly dormant Terra Classic chain, gains have risen by approximately 1,900% since the chain’s low of $0.00004885 on June 08. In addition, the community-led project has implemented several initiatives to increase demand, such as token burning and enticing staking opportunities.

According to LuncStaking Bot, 8.8% of the LUNC supply is currently staked. This ratio had gradually increased since August 27, when they only staked 2.6% of LUNC’s supply. Many people thought LUNC was going away, but recent initiatives have caused the LUNC/USD price to skyrocket.

New Supply Burn Rule

 

The community agreed to levy a 1.2% tax on all blockchain transactions. According to the plan, the tax would be automatically transferred to a wallet to burn the tokens and gradually reduce LUNC’s excessive circulating supply.

The chosen strategy will destroy 1.2% of each transaction to reduce the supply and resurrect the token from the dead Terra platform. The rise is likely driven by a tax burn rule that reduces the token’s overinflated supply, and the LUNC/USD price is rising.

Binance Won’t Tax Terra Classic Spot Trades

Binance has stated that it will not support the LUNC tax burn on the spot or margin trades executed on its exchange. Luna Classic governance proposals 3568 and 4159 were approved to impose a 1.2% fee on all on-chain transactions at a block height of 9,475,200. However, exchange transactions are not finalized on-chain and are managed by the internal order book. It only recorded deposits and withdrawals on-chain to facilitate fast transaction settlement.

Other exchanges, however, may follow Binance’s lead, as DEXs allow users to trade on-chain and apply the 1.2% tax burn. According to a press release issued by Binance on September 8, the tax will be applied to all deposits and withdrawals.

KuCoin and MEXC Global on Tax Burn

KuCoin announced its support for the tax burn on September 8. However, it did not specify whether the tax would apply to trades, withdrawals, or deposits. Instead, FatmanTerra stated in response to KuCoin’s statement that “no exchange is ever going to” support the tax burn on trades and that “you can’t opt out of it.”

On September 9, KuCoin capitalized on the extra attention by inviting the Luna Classic community to make price predictions in a tweet. However, one exchange, MEXC Global, allows the burn on all spot transactions for a limited time.

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The fees for $LUNC pairings on the exchange were reduced to 1.2% on September 3 and will remain until September 17. The daily burn of all trading costs is displayed on the MEXC website.

Terra Classic (LUNC/USD) Daily Technical Levels

  Support          Resistance

 0.0004295     0.0005976

 0.0003428    0.0006788

 0.0002615    0.0007656

 Pivot Point: 0.0005108

LUNC

Terra Classic Pumps 70% – Technical Outlook

On Sunday, the LUNC/USD is trading with a slight bearish bias, falling from $0.00046 to $0.00039. The 50-day EMA is likely to provide support at $0.00039 in the 4-hour timeframe. A break below this level could send the LUNC price even lower, all the way to the 61.8% Fibonacci retracement level at $0.00037.

Further down, next support is likely to remain at $0.00031. Alternatively, LUNC has the potential to bounce off the $0.00039 support level, with the next resistance level likely to be found at $0.00046. A continuation of the uptrend and a break above the $0.00046 level could push the LUNC price up to the $0.00051 level.

Leading technical indicators such as RSI and MACD point to a bearish trend in LUNC, particularly in the short term. For bullish trades, keep an eye on $0.00039 and vice versa.

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