In recent days, the trading price of Terra Classic (LUNC) has started to show signs of improvement in terms of its market value.
According to many market observers, it is thanks to the efforts made by Binance, the largest cryptocurrency exchange that has launched a system in LUNC’s favor.
Latest Burn by Binance
Since the end of September, Binance has implemented a system where it sends LUNC purchases from fees generated through LUNC transactions, sending them to the LUNC burning address.
The exchange has executed this strategy in order to increase the trading price of LUNC. The exchange aims to bring the trading price of LUNC back to its old (high) trading value.
It seems that Binance’s efforts have been working out just fine as an improvement is being recorded in the trading price of LUNC.
In the latest burns, Binance reportedly sent over 3 billion LUNC to the burning address. The overall units of LUNC Binance sent to the burning address so far, are 17.9 billion.
Impact on LUNC’s Trading Price
Due to the latest burn, the trading price of LUNC has recorded a significant push. LUNCH has recorded a 5% push in the past 24 hours.
Following the strong surge recorded in the trading price of LUNC, investors are eager to learn if the surge would continue. The main question here is if the rally is going to continue and push LUNC’s price higher.
LUNC’s Price is Eyeing a Negative Trend
The burning program introduced by Binance appears to be the only positive factor for the troubled asset. Therefore, the investors have the right to question the upcoming situation of LUNC.
The surge created by the latest burn from Binance was a short-lived trend. Following the surge, the technicals are now indicating a negative trend for LUNCH.
It seems that the trading price of LUNC may experience a 12% dip in the upcoming days. Now, the investors want to know if buying the dip would be a good idea or not.
The investors want assurances whether buying the dip would actually be welcomed by a rally or not. After experiencing a 5% surge in the past 24 hours, the trading price of LUNC has dipped 7.55% in the past hour.
This means that the bearish sentiments are still at large against the bullish sentiments. The recent dip has already chipped off the 5% surge LUNC had secured in the past 24 hours.
Buying Activity and Selling Expectations
Right after the burn, the trading price of LUNC rose to the resistance level of $0.00036 until it was shot down by the sellers.
If the bears remain in power, they may succeed in pulling LUNC’s price by 12%. In such a scenario, the trading price of LUNC may fall within the ranges of $0.000271 and $0.00026.