Terra Luna Classic Price Prediction – When is the Next Binance Token Burn?
The authentic Terra chain’s Luna Classic (LUNC) token is getting interest once more, helped by news that the crypto exchange Binance has carried out a brand new burn mechanism for it. The question now could be how excessive LUNC can go after the subsequent burn.
When Binance first announced its token burn mechanism for Luna Classic on September 26, the token soared with the aid of nearly sixty-eight percent in an afternoon. The news pushed the token up from lows of around $0.0018 that day to a round $0.00037 on October 2, more than a doubling of its price in just six days.
Binance conducts the burn with the aid of sending buying and selling costs it generates on LUNC spot and margin trading pairs to the LUNC burn deal. According to the exchange, the practise will continue to take place every Tuesday "until similarly worded."
The next burn is scheduled for Tuesday, October 11, at 00:00 UTC.
Looking forward, it’s tough to anticipate wherein the following quick-time period flow will be, given that the relative power index (RSI) is now in neutral territory. However, there is support for the downside near $0.00025, as well as near the September 26 low of $0.00018.
To the upside, the primary goal to search for will be the excess from October 2 of $0.0037, after which, in addition, the upside in the direction of $0.0006 might be in the playing cards.
Notably, both the 20 and 50-day transferring average strains are now under the price and pointing up, indicating that LUNC remains in a clear uptrend on the daily chart.
LUNC has shown a stunning degree of resilience after the crumble of the original Terra environment, which included the TerraUSD (USTC) (previously UST) algorithmic stablecoin, back in May of this year. From a low of $0.00004 in early June, the token is now up by nearly 600%, trading at $0.00029 as of press time at 11:48 UTC.
Before the crash, the unique LUNA token traded as high as $120.
Despite the most recent crash, LUNC has remained a top 50 token via market capitalization after massively growing its token delivery and is presently ranked as high as 31 on CoinMarketCap’s ranking.
In terms of trading volume, the token came in as the 10th most traded cryptocurrency over the last 24 hours with a volume of $363.4m. The most traded cryptocurrency, the stablecoin Tether (USDT), had a 24-hour extent of $37.33 billion.