- 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.
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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.
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