Terra Luna Classic has been reporting positive news that have seen the coin gain by around 19% over the past month. However, the news does not seem to sustain the bulls, as seen in the 0.7% decline reported over the last 24 hours.
LUNC rally fades
LUNC has plunged by less than 1% during the past 24 hours. The recent downtrend has erased the case for a bull run that has persisted for most of the month. LUNC’s bullish trend was created after news of a LUNC burn being supported on the Binance exchange.
It now looks like LUNC is on a trend reversal as short-term traders take their profits. At the time of writing, LUNC was trading at $0.000317. If bears take complete control of the market, LUNC could drop lower towards $0.00026.
The buying support for LUNC is still high, as seen in the Relative Strength Index (RSI), which stands at 57. The MACD is also above the signal line, showing a strong bullish trend. However, given the performance of LUNC over the past day, there is a likelihood that the trend could reverse, and the token could be headed to lower lows.
Positive developments surrounding LUNC
While the technicals indicate that the trend could reverse as bulls and bears are fighting for control, there are positive developments in LUNC that could see the price headed towards a massive bullish trend.
There is chatter among the crypto community that LUNC could be listed on the Coinbase exchange. Coinbase is one of the largest crypto social trading platforms in the US. Coins listed on an exchange as large as Coinbase witness notable gains because of the listing effect.
One Twitter user has anticipated that a LUNC listing on Coinbase could happen after the exchange reportedly purchased $245 million worth of LUNC tokens. The Twitter user anticipated that if such a listing happened, it would occur in a week.
— LUNC BURN ️️ (@nergizy32132110) October 3, 2022
LUNC’s listing on Coinbase could also accelerate the 1.2% burn rate. Binance, the world’s largest exchange by trading volumes, has already implemented the tax burn. Yesterday, Binance announced that since it started the tax burn, 5.5 billion LUNC tokens, valued at $1.9M, were taken from circulation.
For more details about the first burn and all future burns, please check the announcement linked below for weekly updates moving forward.https://t.co/Depz9nYDVO
— Binance (@binance) October 3, 2022
There are also reports that the Gate.io exchange could soon start the LUNC token burn, lowering the supply even further. However, it is important to note that since the LUNC token burn started, there has not been any notable change in supply. LUNC’s supply currently stands at 6.8 trillion tokens.
One crypto Twitter user has anticipated that going by the current burn rate, it could take 15 years for LUNC’s supply to drop to 10 billion. The supply of LUNC increased massively after the collapse of the TerraUSD stablecoin in May, causing trillions of new LUNC tokens to be minted.
While LUNC could be a good buy if the Coinbase listing is true, one could choose to diversify their portfolio with other tokens such as IMPT. IMPT is a new token targeting ESG-conscious investors. IMPT is a green crypto that seeks to solve the high energy demands of other blockchain. The crypto’s unique offering makes it promising to investors.
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