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Terra Luna Classic price forecast remains bearish as it has failed to reverse its early-day decline and is now trading around $0.00024. Even though the cryptocurrency market had begun to recover, the declines continued. However, the reason for its current downward rally could be attributed to the fact that the world’s largest cryptocurrency exchange, Binance, burned more than 1.26 billion Terra Classic (LUNC) tokens, which is significantly less than Binance’s earlier October burn of 5 billion Terra Classic (LUNC) tokens. Binance has so far burned more than 13.5 billion LUNC tokens for the Terra Classic community.
The US Federal Reserve, on the other hand, is expected to raise interest rates by 75 basis points this week, which will likely have a negative impact on the price of cryptocurrencies such as Terra Classic (LUNC) and others. In contrast, the recovering crypto market, which is supported by a number of factors, may provide some assistance to the LUNC coin in order to limit its further losses. Aside from that, investors focused on the LUNC cryptocurrency’s listings on Robinhood and Coinbase.
Terra Luna Classic Price & Tokenomics
The current live Terra Classic price is $0.000242 with a 24-hour trading volume of $224 million. Terra Classic has dropped by more than 3% in the last 24 hours. Terra Classic has a live market cap of $1.5 billion and is now ranked #36 on the market. The total number of LUNC coins in circulation is 6,590,095,415,984.
Binance Burns Over 13 Billion Terra Classic (LUNC) Tokens Again
Binance, the world’s largest cryptocurrency exchange, has burned more than 1.26 billion Terra Classic (LUNC) tokens as part of its sixth round of burns to offset trading costs. The Binance burn mechanism is used by the LUNC spot and margin trading pairs, which involves sending all trading fees to the LUNC burn address in order to burn them. Furthermore, the transaction includes a fee of 2.51 million LUNC.
#Binance burned another 1.2 billion #LUNC for the #LUNCARMY. If you appreciate CZ burning for us smash the like button! 🌕🌙🔥🚀💎🤲🏻 #Crypto pic.twitter.com/C5K8mKlxmH
— Amanda $LUNC 🌖 (@AmandaLunc) October 31, 2022
Binance has burned more than 13.5 Terra Classic tokens in total for on-chain transactions so far. Meanwhile, Binance and other exchanges have reduced the tax burn for off-chain transactions such as deposits and withdrawals from 1.2% to 0.2%.
Binance initially burned more than 5.5 billion LUNC in early October, but this figure dropped to 3 billion and 2.5 billion in the following weeks. Binance has burned approximately 1.26 billion Terra Classic (LUNC) tokens this time, which is significantly less than previous figures. As a result, this was viewed as one of the primary reasons for the current LUNC bearish rally.
UPDATE : #Binance $LUNC burns will NOW be taking place on a MONTHLY basis instead of WEEKLY.
Next BIG #LUNC burn will take place on 12/02
RETWEET TO SPREAD THE WORD! 🔥🔥🔥🔥 pic.twitter.com/zTqwP63HgP
— Classy 👾 (@ClassyCrypto_) October 31, 2022
Moving on, the Terra Classic community remains hopeful that more LUNC tokens will be burned over time.
Recovering Crypto Market
According to the most recent statistics, the global cryptocurrency market has been bid over $1 trillion and has been able to maintain its early-day upward momentum. This was evidenced by the recent gains in the two most valuable cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).
Bitcoin, the well-known world’s largest cryptocurrency, has managed to extend its previous day’s gains and remains well-bid above the $20,000 level. Ethereum (ETH), on the other hand, has maintained its upward trend and remains above the $1,500 mark.
Musk Pumps #Dogecoin 22% With Halloween Tweet, #Bitcoin #Whitepaper‘s 14-Year Anniversary — Daily Price Update 11.1.22 #P2P #BCH pic.twitter.com/R5XNKEaAAM
— Bitcoin News (@BTCTN) November 1, 2022
Aside from them, Dogecoin (DOGE) was one of the biggest gainers in the last 24 hours as a result of Elon Musk’s Twitter takeover, which continues to benefit Dogecoin (DOGE). Thus, while the positive cryptocurrency market has had no discernible effect on the price of Terra Classic (LUNC), it may help to limit further losses for this coin.
Fed Interest Rate Hike – US Dollar
The broad-based US dollar was able to maintain its upward trend and maintain a strong position throughout the day. The anticipation of an interest rate increase, on the other hand, may have contributed to the dollar’s rise. Investors are looking forward to the US Federal Reserve’s policy meeting this week. The Fed is expected to raise interest rates by 75 basis points this week, but investors will be looking for signs that the Fed is considering slowing future rate increases.
The FED will announce the next rate hike on November 2nd.
0.75% expected
0.5% would be BuLlIsH!!!#bitcoin #crypto
— Lark Davis (@TheCryptoLark) November 1, 2022
As a result, the strong US dollar and the prospect of an interest rate hike had little impact on cryptocurrencies, including the Terra Classic (LUNC) currency.
Terra Luna Classic Price Forecast
The LUNA/USD is trading with a bearish bias and is struggling to break above the major resistance level of $2.65. On the plus side, a bullish crossover above the $2.65 level has the potential to extend the uptrend all the way to the $3.35 level.
A break below $2 support, on the other hand, could send LUNA toward the 1.50 support zone. For further price action, keep an eye on the US FOMC and Fed rate decisions.
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