Monday, December 5, 2022
HomeCrypto NewsMarketTop Crypto Trader Says Terra Luna Classic (LUNC) Could Be Heading To...

Top Crypto Trader Says Terra Luna Classic (LUNC) Could Be Heading To $0.00045

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Despite believing that LUNC will never clinch the $1 price point, Michaël van de Poppe has expressed short-term bullish sentiment for the token.

In a tweet on Sunday, famous crypto analyst Michaël van de Poppe asserted that LUNC is showing strength, adding that the token could claim the $0.00045 price point.

“This one [LUNC] shows strength, as another breakout has happened,” the analyst wrote. “Currently into resistance, breaking and flipping = long zone. Otherwise, I’d be looking at long around $0.0003 for a potential play. If $0.00036 breaks, then I assume we’ll see $0.00045.”

It bears mentioning that at the end of August, van de Poppe expressed the belief that the token would never clinch the $1 price goal set by the community. According to the analyst, his reason for this was simple maths.

However, van de Poppe’s sentiments have not deterred the LUNC community. Since then, the LUNC community has implemented a 1.2% tax burn on all on-chain transactions while pressuring Binance into burning all trading fees obtained from LUNC trading activity, all to bring down the supply of the token to an ambitious target of 10 billion LUNC from 6.9 trillion. data shows that the tax has burnt about 3.4 billion LUNC in over a week, while LUNC Burner data shows that the tax has already burned 53.4 million LUNC today. Both platforms record an average daily burn of about 300 million LUNC.

While the data on the highly anticipated Binance burn is not out yet, the anticipation caused the token price to rise considerably over the weekend despite the overall market showing only minimal gains. Notably, the burn should have happened, as Binance said in the blog post announcing the burning of LUNC trading fees, that it would carry out burns at 00:00:00 (UTC) every Monday while publishing the data at the same time on Tuesdays.

The Crypto Basic expects the exchange to burn at least 10 billion LUNC in the first burn to be disclosed tomorrow.

LUNC is trading at the $0.0003192 price point, up 67.15% in the past seven days.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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