After a 26% decline over the past month, LUNC’s price has stabilized above $0.000080. The upcoming LUNC burn by Binance has sparked optimism in the market, even though trading volume has dipped.
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Meanwhile, Terra Luna Classic’s staking ratio has increased to 14.83%, with over 1 trillion LUNC tokens now staked.
Terra Classic’s LUNC Token Faces Volatility Amid Upcoming Binance Burn
Terra Classic’s LUNC token has faced a significant downturn over the past month, dropping more than 26%. Data from CoinMarketCap shows that LUNC peaked at $0.0001253 before falling sharply to a low of $0.00007334. Despite this drop, the token has stabilized, holding above the $0.000080 support level. Recent trading activity indicates a slight recovery, with LUNC showing a modest increase of 1.67%. At press time, LUNC was trading at $0.00008396, and its intraday market cap had risen to $460,930,474, ranking it 128th in the market.
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Source: Coinmarketcap
This recovery is occurring just before a significant LUNC burn event scheduled by Binance next week, which has generated some market optimism. However, the token’s 24-hour trading volume has decreased by 14.83% to $20,613,785, reflecting a decrease in investor interest. In contrast, the USTC token has seen a slight increase of 1.51%, reaching $0.01829, despite a 31% drop in trading volumes over the past day. The price of USTC fluctuated between $0.01803 and $0.01842 during this period.
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Terra Luna Classic Anticipates Key Binance Burn and Staking Boost
The Terra Luna Classic community is eagerly awaiting the Binance LUNC burn mechanism, which is expected to play a pivotal role in reducing the total LUNC supply. Recent data indicates that LUNC’s total supply has dropped to 6.79 trillion following significant trading volumes and burn events.
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At the same time, there is a growing enthusiasm for staking with Terra Luna Classic validators. Over 1 trillion LUNC have been staked, pushing the staking ratio up to 14.83%. This increased staking activity highlights the community’s commitment to the token’s long-term success.
The community pool reserve has also seen a significant increase, now holding 6.22 billion LUNC and 12.37 million USTC. This ample reserve is set to support upcoming development projects and further bolster the ecosystem.
Source: Tradingview
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Analyzing the 4-hour chart, the LUNC/USD pair has recently rebounded from a support level around $0.000071462 observed on Monday. The token is now approaching the $0.00008411 mark, which acts as an intraday resistance level. This rebound follows a substantial downward channel that LUNC has been navigating since its May high of $0.00013, representing a 45.50% decline.
Looking ahead, the scheduled burn events in the coming month could inject significant momentum into the trading volume, potentially driving LUNC’s price upwards. A breakout above the $0.000090 level could unlock further gains, with the possibility of reaching $0.000094. This upward movement might even pave the way for a retest of the $0.00011 level, suggesting a promising future for LUNC’s value.
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However, the path forward remains uncertain. If the resistance at $0.00008411 holds firm, LUNC could face a retreat towards the June low of $0.0000714, as it searches for a new support base.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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