LUNC holders can be very happy this week, thanks…

Binance added just two days before implementing the long-awaited 1.2% tax burn lunch And USTC to Binance Transfer.

This development is positive news for the LUNC community as it will help bring more value to cryptocurrencies, which have been on their deathbed for months.

With this new update, users can now exchange LUNC and USTC for free with BTC, BUSD, USDT and all other supported tokens through Binance Convert.

Therefore, this section can turn off the following pump Terra Classic. the currency It hasn’t performed well in the last 24 hours as it posted a negative 10% move.

At the time of writing, LUNC is trading at $0.0004092 with a market capitalization of $2,516,745.696, which is still commendable compared to the coin’s performance last month.

Consequences of tax burning

The entire crypto community is inflated as they expect the price of LUNC to go up exponentially once the tax incineration protocol is implemented.

LUNC is also supported by many exchanges as they agree to accept the tax-burning protocol. In addition, MEXC Global, a popular crypto trading platform, announced that it is making an additional LUNC burn in addition to the 1.2% burn, which may soon be reflected in the LUNC price action.

In the official statement, MEXC Global stated, “For each eligible user whose net deposit amount during the promotion period is > $500, spot trading volume > $2,000 or futures trading volume > $10,000, MEXC will support this initiative by contributing $20 dollars from LUNC to the burning pool.”

Interestingly, Binance also burned a small amount of LUNC and sent it to the copy address. This increases the possibility that LUNC will get more support from other players in the crypto industry in the coming days.

Several on-chain metrics have also supported the recent price hike for LUNC. For example, development activity has increased significantly in the past month, reflecting developers’ efforts to improve the blockchain.

The scale of social size has also increased. This indicates a growing interest from investors and crypto enthusiasts in LUNC.

After the massive rally, LUNC volumes followed the opposite path and fell over the past week, which is a bearish sign.

Source: feeling

Lasts

However, the 4-hour LUNC chart painted a bearish picture. Most of the market indicators pointed to lower prices in the coming days.

The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) recorded a bearish move. This indicates that the price may go down in the short term.

In addition, the MACD reading also showed a bearish cross. Which suggests the advantage of sellers in the market. Bollinger Bands data favored the possibility of lower prices as LUNC price, after being very volatile, was about to enter the crisis zone.

Source: TradingView

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