Terra Luna Price Prediction as Binance Burns $1.8 Million LUNC

The Terra Luna Classic (LUNC) price has dropped slightly within the past 24 hours, dipping by 0.5% to $0.00031545. Yet it stays up by 3% every week and by 22% in a month, pushed in large part by the aid of Binance having finished a burn of all of the trading fees it has accumulated from LUNC buying and selling between September 21 and October 1.

This amounts to a little over $1.8 million in LUNC, which given the altcoin's modern-day fee, is equal to the burning of roughly 5.8 billion LUNC. The marketplace seems to have taken such big-scale destruction as a signal that Binance is willing to guide the rehabilitation of LUNC's charge, which infamously collapsed in May after Terra issued billions of new LUNC (then called LUNA) on the way to shore up the fee of stablecoin UST.

However, with LUNC now over 30,000% up after plunging to an all-time low of $0.000000999967 on May thirteen, Binance's intervention increases hopes that the disgraced altcoin should maintain its close to-miraculous recovery. The issue is that, while its fractional rate prevents it from rising further, the lack of a real use case for the LUNC approach means that it is only a toy for speculators, and it may fall once more when they move on to the next trending coin.

Terra Luna Price Prediction as Binance Burns $1.8 Million LUNC

Despite its recent rises, it's worth remembering that LUNC is still down by nearly 100% since its all-time high of $119.18, set back in April.

LUNC's signs spiked at the beginning of this month, with its relative strength index (purple) surpassing 80. At the same time, its 30-day shifting common (purple) surged to an upward push without difficulty above its 200-day common (blue), signalling a breakout of sorts.

Now, these signs have reversed a touch, portending a lack of momentum. Its RSI is down below 50, at the same time as its 30-day common seems as though it is falling beneath its 200-day, something which risks forming a 'demise go.'

Regardless of current price trends, the past week or so has been promising for LUNC. In particular, Binance's commitment to burning trading fees collected in LUNC goes some way towards reducing the altcoin's massive supply, which ballooned from roughly 1 billion pre-Terra collapse to 6.9 trillion as of writing.

And yesterday's burn of approximately $1.80 million in LUNC won't be the primary for Binance either, with the instance it is placing doubtlessly organising a fashion that different essential exchanges may additionally follow. Of course, they should burn a top-notch amount of LUNC to get the altcoin's charge back up to complete numbers.