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Investing.com – Those who thought that was doomed may have been judgmental. The has increased by more than 70% in the last 24 hours and on a weekly basis the gains even amount to 189%.
With a course of 0.0004419 dollars, there is still a long way to go to the dream goal of one dollar, but the community has clearly not yet completely buried its price fantasy.
The main problem with the token is the large amount in circulation. It is this state of affairs that we would like to remedy by burning it in a targeted manner. An idea that the MEXC Global cryptocurrency exchange is now joining:
“In support of the Classic Community (LUNC) proposal for an incineration fee, MEXC will initiate a time-limited incineration action for LUNC/USDT and LUNC/USDC spot trading fees.”
This action has already started on September 3 and should continue until September 17. The crypto exchange increases its fees on on-chain transactions by 1.2%. The money raised will then be used to purchase LUNCs which will be sent to the community’s burn address.
If this action receives positive reactions from users, MEXC may also consider extending it.
This news, positive in itself, however, is not unanimous. It is especially the major stock exchanges that are concerned about this development.
Bincance has already announced that from September 7, all LUNC deposits and withdrawals will be stopped. The main reason given is the shutdown of the Terra Classic shuttle bridge, which makes transactions through the network, BNB Smart Chain and Polygon less attractive.
The resulting collapse in trading volume should have a significant impact on the price.
Technical thresholds to monitor on Terra Classic
Immediate supports are at the 23.6% Fibo retracement level at $0.0003627, the 38.2% Fibo retracement level at $0.0003093 and the 50% Fibo retracement level at $0.0002661 .
If the positive momentum continues, the focus will shift to the psychological level of $0.0005000 and if this is sustainably exceeded, it will be followed by the 138.2 percent Fibo expansion at 0, 0005887 dollar, which will be reinforced by the psychological level of 0.0006000 dollar.
By Marco Oehrl