LUNC Remains Lukewarm Despite Binance Burning $1.8M in Fees

• The price of Terra Classic remains unmoving one week after Binance announced its LUNC burning mechanism.
• One week after the LUNC burning started, Binance burned $1.8 million worth of LUNC.
• Some called the figure “meager” while others questioned the soundness of the LUNC revival efforts.

The price of Terra Classic (LUNC) remains lukewarm despite leading crypto exchange Binance burning up to $1.8 million in fees for the last week. At its current price, this translates to over 5.7 billion LUNC that have been effectively removed from permanent circulation.

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Some people believe the results were “meager” after one week has elapsed after the burning mechanism started taking effect. However, some have questioned how sound the efforts to burn LUNC are when one “could hire” a team of developers to create other more useful platforms.

What is more, after the initial jump that LUNC made after Binance made the burning announcement, the price of LUNC now appears to be relatively unmoving. 

As seen on the chart above, LUNC is in steady price action in the $0.0003 level after its convincing jump after Binance made its burning announcement. One week after, there is no guarantee of a rally as the trading volume remains very low.

On a positive note, LUNC’s price action is above the 50-day simple moving average (SMA). Hence, this signals hope for the Terra Classic community. 

Traders may have to reconsider buying LUNC as the market appears to be in a waiting game. In fact, the Relative Strength Index (RSI) is at 44. This means that LUNC is neither overbought nor oversold.

Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether expressed or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers perform their own in-depth research before investing in cryptocurrency.

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