- Terra Classic increase in buying pressure.
- LUNC price has increased with 6.92% in the last 24-hours.
- Binance may revoke its monthly LUNC burn mechanism.
The original chain of the defunct Terra (LUNA) token, Terra Classic (LUNC), has seen increased buying pressure, which has pushed up its price.
CoinMarketCap data obtained by CryptoNewsLand shows that LUNC has risen as much as 6.92% in the last 24 hours. At the time of publication, LUNC was trading at $0.02266, despite the fact that the cryptocurrency market is still very volatile.
Cryptocurrency exchange Binance recently destroyed almost 6.3 billion Terra Classic (LUNC) tokens, and the community is hoping that more LUNC tokens will be destroyed. Binance may revoke its monthly LUNC burn mechanism as a result of the passing of Proposal 10983, which may result in 0.5% rather than 0.1% of funds from the 0.2% burn tax being added to the community pool. This comes at a time when Binance may revoke its monthly LUNC burn mechanism.
Technical Analysis
In the 4-hour price chart for USTC, the market for USTC is currently in the hands of the bulls, and this trend may continue in the coming hours as the True Strength Index (TSI) has readings of 21.6971 and is currently moving above its signal line.
The movement of the 5-day Moving Average (MA) above the 10-day moving average (MA) is indicative of a bullish sentiment. This provides investors with a positive frame of mind within the USTC market and suggests that the bullish sentiment in the USTC may continue in the coming hours. Currently, the reading of the 5-day MA is 0.02204, while the reading of the 10-day MA is 0.02157.
Read Also :
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
