Terra Classic is up 70% in 7 days: here’s why.

Terra Classic is up 70% in 7 days, among the many fundamentals covered in this update. Terra Classic is currently priced at $0.000404 with a 24-hour trading volume of $1 billion. Over the last 24 hours, Terra Classic has fallen 12.94%. CoinMarketCap is currently ranked #30 with a current market capitalization of $2.4 billion. Total circulation is 6,151,072,613,161 LUNC coins.

community driven Initiative

Following the implementation of plans to revive the previously dormant Terra Classic chain, gains have risen about 1,900% since the chain’s low of $0.00004885 on June 8. Additionally, community-driven projects have implemented several initiatives to increase demand for tokens and more. Make staking opportunities ignite and attractive.

According to LuncStaking Bot, 8.8% of LUNC supply is currently staked. This ratio has gradually increased since August 27, when we were only betting 2.6% of LUNC’s supply. Many thought his LUNC would be gone, but recent efforts have made him see the price of LUNC/USD skyrocket.

New supply barn rule

The community has agreed to impose a 1.2% tax on all blockchain transactions. According to the plan, taxes will be automatically transferred to wallets and tokens will be burned, gradually reducing the excess circulating supply of LUNC.

The chosen strategy discards 1.2% of each transaction to reduce supply and resurrect tokens from the dead Terra platform. The rise is likely due to the tax burn rule, which cuts down on the token’s oversupply, and the price of LUNC/USD is rising.

Binance does not tax Terra Classic spot trading

Binance has stated that it does not support LUNC tax burn on spot or margin trades executed on exchanges. Luna Classic Governance Proposals 3568 and 4159 were approved to impose a 1.2% fee on all on-chain transactions at block heights of 9,475,200. However, exchange transactions are not finalized on-chain and are governed by an internal order book. Only on-chain deposits and withdrawals were recorded to facilitate fast transaction settlement.

However, other exchanges may follow Binance’s lead, as DEX allows users to trade on-chain and apply a tax burden of 1.2%. According to a press release issued by Binance on Sept. 8, taxes apply to all deposits and withdrawals.

KuCoin and MEXC Global tax burn

KuCoin announced its support for Tax Burn on September 8th. However, it did not specify whether this tax applies to transactions, withdrawals or deposits. Instead, FatmanTerra said in response to KuCoin’s statement that “no exchange will ever support the exchange’s tax burden” and that “you cannot opt ​​out of it.”

On September 9th, KuCoin gained special attention by inviting the Luna Classic community to make price predictions in a tweet. However, one exchange, his MEXC Global, allows all spot trades to be burned for a limited time.

Fees for $LUNC pairing on exchanges will be reduced to 1.2% on September 3rd and will remain in place until September 17th. The daily burn of all transaction costs is displayed on his website at MEXC.

Terra Classic (LUNC/USD) daily skill level

support resistance

0.0004295 0.0005976

0.0003428 0.0006788

0.0002615 0.0007656

Pivot Point: 0.0005108

Terra Classic Pumps 70% – Technical Outlook

On Sunday, LUNC/USD is trading with a slight bearish bias, falling from $0.00046 to $0.00039. His 50-day EMA is likely to offer support at $0.00039 on the 4-hour timeframe. Below this level, the price of LUNC could drop further and reach the 61.8% Fibonacci retracement level of $0.00037.

On further declines, the next support is likely to remain at $0.00031. Alternatively, LUNC could bounce off the support level of $0.00039 and the next resistance level is likely at $0.00046. If the uptrend continues and it breaks out of $0.00046, LUNC price can move to $0.00051.

Key technical indicators such as RSI and MACD point to a bearish trend for LUNC, especially in the short term. For bullish trades, look for $0.00039 and vice versa.

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