- Binance burns over 59 billion LUNC tokens, supporting the Terra Luna Classic community’s revival efforts.
- Analyst Javon Marks predicts a potential LUNC surge with a bullish pattern.
In a recent transaction revealed by LUNC Burn Tracker, cryptocurrency exchange Binance has once again incinerated a significant batch of Terra Luna Classic (LUNC) tokens. This most recent burn is another in Binance’s continued outreach to the Terra Luna Classic community, with the exchange now having burned over 59 billion LUNC tokens.
Apart from the monthly burn mechanism, Binance also supports the Terra Luna Classic community in various ways. The exchange recently deposited more LUNC tokens to the burn wallet in a transaction on the 23rd of May, thus supporting the revival of Terra Luna Classic. This additional burn and the previous ones demonstrate Binance’s commitment to supporting the community, as it has been doing since 2022.
Total LUNC Burned Surpasses 113.71 Billion
This latest burn by Binance means that the total LUNC tokens burned by the Terra Luna Classic community has now gone past the 113.71 billion mark. Of this total, Binance users contributed a large share, responsible for about 51.9% of the overall tokens that have been burned by the community. The continued burning of the token supply by the exchange is in line with the goal of fostering the development and stability of Terra Luna Classic.
Nevertheless, Binance’s support has remained strong, although other cryptocurrencies have shown retracement in the last hours. Investors and whales have taken profit, which can be seen in a similar way as the market after the approval of a spot Bitcoin ETF in January.
The price of LUNC has fallen by 3% over the last 24 hours, consolidating gains made earlier in the week. Currently trading at $0.0001106, LUNC’s price trajectory has seen fluctuations, with a 24-hour low of $0.0001082 and a high of $0.0001161.
Similarly, the price of USTC has also experienced a 4% decline over the same period, primarily driven by profit-booking activities among traders and investors. USTC is currently trading at $0.02233, with a 24-hour range between $0.02128 and $0.0234.
Bullish Analysis Points to Potential Surge
Popular crypto analyst Javon Marks recently posted his outlook on LUNC and concluded that this token will have a bullish trend and increase in price by 1036%. Marks outlines a bullish pattern in the LUNC price chart, suggesting that it may continue to rise in the near future. He has predicted his first target at $0.00058046, which is more than 414% higher than its current price of $0.0001089.
$LUNC (Terra Classic) confirms a major bullish pattern that can be signaling a monumental continuation towards the first target @ $0.00058046!
With this target and breakouts holding ,an over 414% upside from here to reach it could take place, but looking at the previous breakout… https://t.co/6ebvcbkej4 pic.twitter.com/e44HriyiF7
— JAVON⚡️MARKS (@JavonTM1) May 20, 2024
According to Marks, this first target may be low, implying that LUNC may go beyond several other resistance levels and achieve a much higher rise in value. It could potentially rise higher than $0.00139122, which is an 1134% increase from the current price.
For instance, in May 2022, the Terra ecosystem collapsed due to the loss of peg by TerraUSD (UST), and LUNC fell from its high value to just a few cents. Nonetheless, over the last few years, market trends have revisited LUNC, with trading volumes rising by 231%.
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