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Terra Luna Classic (LUNC) Market Sees Heightened Volatility Despite Aggressive Burn Activities

Linda Hamilton

Nov 02, 2024 am 03:02 AM

Terra Luna Classic (LUNC) Burn Rates Shuttle Bridge Issues

Terra Luna Classic’s (LUNC) market saw heightened volatility recently, with the token’s value falling by 10% despite aggressive burn activities by the community.

Terra Luna Classic (LUNC) Market Sees Heightened Volatility Despite Aggressive Burn Activities

Terra Luna Classic (LUNC) price fell sharply over the past week, despite community burn activities. The token’s price dropped 10% in the past 24 hours alone.

LUNC Continues to Experience Withdrawals Past Shuttle Bridge Closure Date

Despite the closure of the Shuttle Bridge on Oct. 31, several users reported experiencing withdrawals past the stipulated date. This raised questions on platform oversight, with the community awaiting an official response from TerraForm Labs (TFL) and node provider Allnodes regarding the delayed bridge closure.

Binance Burns 1 Billion Tokens, Yet Price Faces Pressure

Crypto exchange Binance announced the incineration of 1.048 billion LUNC tokens in its 27th burn batch, valued at roughly $95,074. This brings the total burn count to nearly 137 billion tokens since the initiative began.

In addition to burning 50% of LUNC spot and margin trading fees collected between Sept. 30 and Oct. 30, Binance also covered extra tax costs totaling 5.2 million LUNC. The burn followed a single-hour transaction that saw 49,472.28 LUNC tokens burned.

Over the past 24 hours, the burn rate for LUNC jumped by 2,494%, with a total of 7,062,267.40 tokens burned through tax mechanisms and direct transactions. However, despite this activity, the token’s price continued to decline.

Terra Luna Classic (LUNC) Price Analysis: Technical Indicators Point to Possible Rebound

Terra Luna Classic (LUNC) price is currently trading at $0.00008931, having dropped 8.22% in the past 24 hours. From a technical perspective, the token appears to be breaking out of an ascending triangle pattern, which could indicate a move to the upside.

However, the Moving Average Convergence Divergence (MACD) reveals selling pressure, with the MACD line positioned below the signal line. Nevertheless, there are slight bullish signs as the MACD line is seen moving up.

Crucially, strong support for Terra Luna Classic (LUNC) is present at $0.00008, while resistance is anticipated around $0.0001 and $0.00013. Trading volume for LUNC has decreased by half, indicating cautious moves by investors amid the ongoing volatility.

USTC also Fell Significantly, Signaling Broader Market Uncertainty

In related news, USTC, a sibling token to LUNC, followed a similar trajectory, signaling a broader uncertainty across the crypto market. The token fell over 10% in the past 24 hours, further highlighting the volatility within the crypto space.

Overall, Terra Classic’s path remains uncertain, with the Shuttle Bridge issue and community burns still ongoing. It remains to be seen whether these efforts will be able to drive stability in LUNC’s price.

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