TERRA CLASSIC [LUNC] Back in the news. The token was Recently in the spotlight recording an unprecedented rise in the past week. However, all hell broke out lately.
Binance published An update that it will stop deposits and withdrawals from LUNC (Shuttle) over the Ethereum (ERC20) and USTC (Shuttle) network. It will also suspend transactions via the BNB Smart Chain (BEP20), the Ethereum Network (ERC20), and the Polygon Network. Withdrawals and deposits will be suspended indefinitely from 7 September 2022.
After the news was revealed, LUNC’s price action also showed some negative growth with a single record 6% decrease in performance over 24 hours. At the time of writing, LUNC is trading at $0.00024169.
What is happening?
Although LUNC’s seven-day performance was commendable with its price increasing by more than 100%, the Binance loop may have stymied its growth. The main reason for the potential drop is that Binance is one of the few exchanges that have supported and listed lunch.
Therefore, the lack of support from the exchange may negatively affect the price of LUNC in the coming days. However, users will still be able to deposit and withdraw their LUNC and USTC tokens via the Terra Classic network.
The crypto exchange stated, “Binance will handle all relevant technical requirements for all users who have LUNC (Shuttle) and USTC (Shuttle) on their Binance accounts.”
Interestingly, the social size of LUNC also decreased with the price, which indicates that the community is losing interest in the token.
However, the development activity provided some relief to investors. Despite the lower prices, this metric showed some increase compared to historical data. This is a positive sign as it shows the developers’ efforts to improve the network.
Also, the trump card for LUNC, 1.2% transcription protocol, did not run. This may help LUNC maintain its bullish trend in the coming days. Since burning will reduce the total supply of LUNC over the years, this process will increase the price.
What can you expect?
While LUNA recorded a downtrend, the 4-hour chart suggested otherwise. At the time of writing this report, lunch It showed resistance at the $0.000279 mark as it failed to break.
The exponential moving average (EMA) bar clearly showed a huge advantage to the market buyer, giving hope for another rally. Chaikin Money Flow (CMF) also told the same story as it scored high as well.
Additionally, a bearish crossover occurred on September 2nd in the Moving Average Convergence Divergence (MACD) readings. The blue line has been steadily approaching the red line, which increases the possibility of a rally in the near term.