LUNC Terra Classic price cool down by Binance - Investors notes
Terra Classic [LUNC] is in the news once again. The token has recently been in the spotlight for registering an unprecedented gain in the last week. However, recently hell has become loose.
Binance has posted an update that they will be suspending LUNC (Shuttle) deposits and withdrawals over Ethereum (ERC20) and USTC (Shuttle) networks. It will also suspend transactions through the BNB Smart Chain (BEP20), the Ethereum network (ERC20), and the Polygon network. Withdrawals and deposits will be suspended indefinitely effective September 7, 2022.
After the news was revealed, LUNC's price action also showed some negative growth. when it recorded a 6% drop in its 24-hour performance. At press time, LUNC is trading at $0.0024169.
What to cook?
While LUNC's seven-day performance was commendable as its price surged more than 100%, the Binance batch may have stymied its growth. The main reason for the potential drop is that Binance is one of the few exchanges that has supported and listed LUNC.
Therefore, the lack of support from the exchange could adversely affect the price of LUNC in the coming days. However, users can still deposit and withdraw their LUNC and USTC tokens through the Terra Classic network. The crypto exchange mentioned, “Binance will handle all technical requirements regarding all users holding LUNC (Shuttle) and USTC (Shuttle) in their Binance accounts. .”
Interestingly, LUNC's social media volume also decreased along with the price, which indicates that the community is losing interest in the token.
However, the development activity gave investors some relief. Despite the decline in prices, this metric shows some gains compared to historical data. This is a positive sign as it shows the efforts of the developers in improving the network.
Furthermore, LUNC's trump card, the 1.2% recording protocol, is yet to be rolled out. This can help LUNC maintain an uptrend in the coming days. Since burning will reduce the total supply of LUNC for many years, the process will increase its price.
What will happen?
While LUNA registered a downtrend, its four-hour chart suggests the opposite. At the time of writing, LUNC was showing resistance at $0.000279 as it failed to break out.
Ribbon The Exponential Moving Average (EMA) clearly shows the advantage of big buyers in the market, giving hope of an even stronger rise. Chaikin Money Flow (CMF) tells the same story as it also registered a bullish momentum.
Furthermore, a bearish crossover occurred on September 2 in the readings of the Moving Average Convergence Divergence (MACD). The blue line is gradually approaching the red line, increasing the possibility of short-term upside.
Sep 04, 2022