Binance, the largest crypto exchange by trade volume, has increased its momentum in burning the Terra Classic (LUNC) coin. So far, the exchange has destroyed over 60 billion LUNC, raising excitement and speculations across the community about a possible price rally.
Meanwhile, the global crypto market is currently enjoying an upsurge. The flagship cryptocurrency, Bitcoin has jumped above the $65k mark, leading the broader market in a sea of green trades today. LUNC is not isolated from this even as its price has seen impressive movement over the last 24 hours.
The recent movement has ignited the âwhat nextâ question among investors, as they target the next price range of $0.0001 and above. Here are some of the factors that might trigger a rally soon.
Binance Initiates Five Extra LUNC Burns This Month
Recall that in 2022 Binance disclosed that it would support the LUNC burn mechanism by assigning 50% of the LUNC spot and margin trading fee to the initiative. Moreover, the exchange announced that sending the burn contribution from trading fees will be delayed until March 1, 2023.
The leading crypto exchange usually carries out the LUNC burns once on the first day of every month, however, things changed this month September, as it orchestrated six different burns in total.
The first major burn destroyed 1.19 billion LUNC tokens with $97,229.23 in fees accumulated from July 31 to August 29. Following that, Binance removed 199,389 LUNC from circulation through five extra transactions.
The new movement raised conjectures among observers wondering if the exchange has revised its burn plan to six times monthly moving forward. Notably, the price of LUNC reacted positively within the time, surging by over 3% in one day.
Terra Luna Classic Approves Major Community Proposal
Meanwhile, Terra Luna Classic has proven its attention to the community after recently approving a major governance and stability proposal. The proposal, which was led by BLV Labs, focused on improving the community governance module.
The proposal points to the instability in the deposit for creating proposals on the blockchain. The current deposit is set at 5 million LUNC, however, this fluctuates as the price of LUNC experiences volatility. It either becomes too high, or too low, translating to major concerns about the value of the proposals.
BLV Labs proposed a new method to tackle this in the proposal. According to them, it would be wise to adopt the Oracle module which helps to automatically adapt the deposit amount based on the current LUNC market price, also maintaining a stable value of $500.
Consequently, this will help to boost the integrity of the governance process by ensuring a stable deposit value. The positives surrounding the Terra Luna Classic ecosystem have been seen as a major catalyst that would drive the coin price upward.
LUNC Price Prediction, is $0.0001 Next?
LUNC found its base in the green territory in the early Asian trading hours today. Over the last 24 hours, on-chain data reveal that LUNC has surged by 3.84% to trade at $0.0000917.
Additionally, its one-day trading volume spiked by 23% to rest at $26.9 million. Notably, LUNC has traded between the low and high of $0.00008791 and $0.00009197 in the last 24 hours.
Source: CoinMarketCap
After its mighty fall from its all-time high of $119, reached in April 2022, the Terra Luna Classic community has been dedicated to seeing their beloved coin climb back to significant highs.
An expert analyst have revealed that LUNC exhibits a bullish outlook especially as the Moving Average Convergence Divergence (MACD) touches a positive end. Additionally, its Relative Strength Index (RSI) points to a âneutralâ market sentiment. Per his analysis, the next important resistance level for LUNC could be $0.0001, before shooting beyond $0.0003.
The post LUNC Price Prediction Sept 27: Binance Increases LUNC Burn, is $0.0001 the Next Target? appeared first on Coinfomania.
