Binance burned 5.6 billion LUNC

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In the Premium environment of Crypto Insiders, current technical analysis is shared daily by experienced analysts. Terra Classic (LUNC) has been discussed here regularly in recent times. In this section, we look back at this technical analysis and map the latest developments and expectations for the coming period. If you still have questions after reading this article, you can easily ask them in our Discord community, where our technical analysis is usually ready 48 hours earlier to our members.

What is Terra Classic (LUNC)?

Terra Classic is a Cosmos SDK platform that focuses on creating and maintaining stablecoins. Terra Classic has its own stablecoin called TerraClassicUSD (USTC). Terra Classic is trying to keep this stablecoin stable through its other cryptocurrency LUNC. Each stablecoin can be converted to USTC and vice versa. For example, stablecoin does not need to be kept stable by using fiat or over-collateralized crypto as a reserve. LUNC can also be used by investors to pay their fees when betting or participating in voting rounds in Terra’s management.

Latest Terra Classic (LUNC) News

On October 3, Binance, the world’s largest cryptocurrency exchange by trading volume, revealed how much LUNC they destroyed. Binance implemented this destruction system following a suggestion from the LUNC community. Binance sends all trading fees they receive with the LUNC spot trade and margin trade to a burn address so these coins are out of circulation.

On October 3rd, Binance CEO Changpeng Zhao published LUNC burn figures. For example, Zhao states that approximately $1.8 million worth of LUNC has been burned. This equates to 5,595,907,838,67 corrupted LUNCs.

What are the expectations for Terra Classic (LUNC)?

Whether the above developments will have a further impact on the price depends on a wide range of factors that differ daily. After all, the crypto market is highly subject to economic events and traditional stock markets. Therefore, it is sometimes difficult to determine the right time to invest in a particular project. For example, a technical analysis can help determine the time frame in which a cryptocurrency is (or could be) interesting to buy or sell. Based on, for example, the investment history and the identification of patterns in price movements.

Technical analysis LUNC price

The analysts in the Premium community of Crypto Insiders have taken another look at the LUNC chart. They concluded that the chart indicates that LUNC could still be hard up. The graph shows that the monthly pivot points do their job well. For the time being, we traded below monthly central pivot, but the expectation is that we will look for it. Analysts are bullish on LUNC for now.

The above LUNC analysis was shared in our Discord area for members on October 3, 2022.

Buy or sell LUNC?

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