It is known that the world’s largest crypto exchange Binance supports Terra Classic (LUNC), which has come back to life. In this context, the exchange helps the altcoin ecosystem with the LUNC burn mechanism. In the latest development, Binance has changed the LUNC burn to monthly instead of weekly. Meanwhile, Binance burned 13.712 billion LUNC in October. Crypto analyst Akash Girimath explains how to prepare for the next 20% move at LUNC.
Binance will now burn LUNCs monthly
The world’s largest crypto exchange Binance has changed the time frame on the LUNC burn mechanism from weekly to monthly. So far, Binance has burned 13,712 billion LUNC tokens from fees on LUNC spot and margin trading. In addition, the Terra Classic community also supports the burning actions.
cryptocoin.comAs you follow, Binance burned 1.26 billion LUNC in the fifth batch of its weekly burn app. After this transaction, the exchange went to a change in the time frame rules. Accordingly, it ended the weekly burning and switched to the monthly LUNC burning. According to the new practice, the next LUNC burn will take place on December 1. In this action, from October 30 to November 29, LUNC will burn the equivalent of fees on spot and margin transactions.
Binance will calculate the transaction fees for the previous month on the first day of each month. Next on-chain burns and monthly report will be updated next day. Meanwhile, the amount of LUNC burned is falling due to low trading and multiple bids passing, which negatively affects the mood. Binance burned more than 5.5 billion LUNC in the first batch on October 31, while only 1.26 billion LUNC in the fifth batch.
However, the community accepted Proposal 5234, which lowered the tax-burn rate from 1.2% to 0.2%. In addition, volunteer developer group Terra Rebels has announced proposals for new validators. After this development, there has been an increase in Terra Classic validators.
“Altcoin price ready to take action!”
Akash Girimath shares the following technical analysis for the LUNC price. LUNC has been slowly falling since its exponential rise formed a local top in September. What has changed over the past few weeks is that the altcoin is currently bouncing out of a twelve-hour demand zone. Accordingly, it goes from $0.000165 to $0.000234.
This support structure allowed LUNC to bounce twice. However, the latest retest is possible to slide a little lower to label the $0.000222 barrier. A resurgence in buying pressure at this barrier is likely to result in another move towards $0.00260. This increase means an increase of 16%. However, traders can wait for an increase to the $0.000275 level to collect the buy-stop liquidity. In this case, the extended move means a 20% gain for the bulls.
Regardless of its bullish outlook, the altcoin has already tagged the $0.000165 to $0.000234 demand zone multiple times. Thus, the efficiency of generating bull moves decreased. Therefore, it is possible that a slow but persistent selling pressure will invalidate the optimism produced by this structure. Specifically, a break of the $0.000160 support level will trigger a bearish divergence towards $0.000134 for LUNC.
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