Binance Increases Burn Tax to Support Terra Classic Upgrade for LUNC: Whats Next?

Binance Increases Burn Tax to Support Terra Classic Upgrade for LUNC: Whats Next?


Binance announces support for the upcoming Terra Classic network upgrade, increasing the burn tax rate for LUNC from 0.2% to 0.5%, while temporarily suspending deposit and withdrawal functions, with a potential rebound in LUNC’s price predicted.

LUNC has recently experienced a decline of 6.33 percent in its value. Nonetheless, it has found strong support at $0.00008228, showing a potential rebound. What’s next for LUNC? Here’s today’s LUNC price prediction.

Binance Crypto exchange Supports Terra (LUNA) Classic Upgrade with Increased Burn Tax

Binance supports the following Terra (LUNA) Classic network upgrade, in particular  the LUNC network upgrade, which will raise the burn tax price from 0.2 percent to 0.5%. The upgrade is according to Proposition 11515 and is scheduled for block height 12,902,400 on May 23. 

Binance Crypto exchange will temporarily suspend deposit and withdrawal functions for Terra (LUNA) Luna Classic (LUNC) and TerraClassicUSD (USTC) to secure a smooth upgrade. Binance’s wallets are exempt from the burn tax price during internal transfers but will incur the tax for external deposits and withdrawals. 

Professor Edward Kim proposed the exemption for Binance Crypto exchange wallets and implemented it with the Terra (LUNA) Classic network upgrade to v1.1.0 on March 1.

LUNC Price Overview – LUNC’s Price in the Past

At the time of publication, the price of LUNC is currently worth $0.00008451, and it has recorded a 24-hour volume of trading of $28,313,600. This shows a decrease of -6.33 percent in price over the previous day and a decline of -8.37 percent in the previous 7 days. With a circulating supply of 5.9 trillion LUNC crypto tokens, the market cap of Terra (LUNA) Luna Classic stands at $496,268,972.

In the previous 24 hours, the volume of trading of LUNC has reached $28,313,600, showing a 7.30 percent increase compared to the last 24 hours. This surge in volume of trading suggests a recent boost in market activity for LUNC.

The highest recorded price for LUNC took place in April 2022, when it reached $119.18. On the other hand, compared to the present price, LUNC is -100.00 percent lower than its record-breaking peak price, highlighting a whole lot of decrease since then.

On the other hand, the lowest recorded price for LUNC took place in May 2022, at $0.000000999967. On the other side , the present price of LUNC is 8,353.67 percent higher than this all-time low price, showing a substantial eventual increase.

In the past 7 days, LUNC has experienced a price decline of -8.40%. Although while the worldwide digital currency market has likewise seen a decline of -2.60%, LUNC has underperformed compared to similar Smart Contract Platform digital currencies, which have experienced a smaller decline of -2.90%.

LUNC Price Prediction – LUNC/USD Price Analysis: Potential Price Movement for Terra (LUNA) Classic (LUNC)

Binance Increases Burn Tax to Support Terra Classic Upgrade for LUNC: Whats Next?LUNC/USD Price Chart. Source: Tradingview.com

LUNC has succumbed below $0.000087 and has likewise broken below the moving averages. Nonetheless, the successful closure of LUNC over this level is a potential pending price finding support at $0.00008228. This could show further upside potential, with key resistance around $0.000100. The positive  tendency momentum may push the price to resistance levels at $0.000110, $0.000120, and $0.000130. 

Alternatively, if no clear breakout occurs, a further decline is possible as the 50-day moving average is below the 200 -day moving average. In this case, the channel’s lower boundary would act as whole lot of support, with levels to watch at $0.000070, $0.000060, and $0.000050. 

Monitoring the RSI over 40 provides additional insights. Against Bitcoin, a positive  tendency breakout over the channel’s upper boundary suggests buyer dominance, potentially reaching $0.000330 and filling a gap. Continued positive  tendency pressure could target $0.000350. Conversely, weakening momentum may lead to a retest of support at $0.000230 or lower levels.

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