• LUNC’s price stabilized above $0.000080 after a 26% monthly decline.

  • Binance’s upcoming LUNC burn fuels market optimism despite a dip in trading volume.

  • Terra Luna Classic’s staking ratio rises to 14.83% with over 1 trillion LUNC staked.

Terra Classic’s LUNC token experienced a notable downturn over the past month, declining more than 26%. According to data from Coinmarketcap, LUNC reached its monthly peak at $0.0001253 before falling sharply to a low of $0.00007334.

Following this dip, the token stabilized, maintaining its position above the $0.000080 support level. The daily chart indicates a slight recovery for LUNC, with a modest increase of 1.67%.

Source: Coinmarketcap

At press time, LUNC was trading at $0.00008396. Additionally, the token’s intraday market cap surged to $460,930,474, placing it at the 128th spot in market rankings. 

This positive turn comes ahead of a significant LUNC burn scheduled by crypto exchange Binance next week, which has infused some optimism into the market sentiment. Despite this, the token’s 24-hour trading volume has dipped by 14.83% to $20,613,785, indicating a waning interest among investors. 

Meanwhile, the USTC token has seen a contrasting movement, edging up by 1.51% to $0.01829, despite a notable 31% decrease in trading volumes over the past day. Its price fluctuated between $0.01803 and $0.01842 during this period.

LUNC Community’s Focus on Burn Mechanism

The Terra Luna Classic community eagerly anticipates the Binance LUNC burn mechanism, which is expected to play a crucial role in reducing the overall LUNC supply. Recent data shows that LUNC’s total supply has decreased to 6.79 trillion following significant trading volumes and burn events.

#LUNC Price To Rally Amid Massive Binance Burn As Over 1 Trillion LUNC StakedLUNC Price To Rally Amid Massive Binance Burn As Over 1 Trillion LUNC StakedLUNCcommunity prepares for massive LUNC price action amid Binance burn mechanism as more than 1 trillion LUNC were staked pic.twitter.com/ETPs9cwL57

— Terra Luna army ™🦈 (@terra_army) June 27, 2024

Simultaneously, the enthusiasm for staking with Terra Luna Classic validators is palpable. Over 1 trillion LUNC have been staked, driving the staking ratio up to 14.83%. 

Adding to the positive momentum, the community pool reserve has seen a notable increase. It now holds 6.22 billion LUNC and 12.37 million USTC, ensuring ample resources for upcoming development projects.

LUNC Key Levels to Watch

Based on the 4-hour chart, the LUNC/USD pair has shown a rebound from the support level of around $0.000071462 seen on Monday. The token is now inching closer to the $0.00008411 mark, which serves as an intraday resistance level.

Source: Tradingview

This movement follows a substantial downward parallel channel that LUNC token has been navigating since its May high of $0.00013, marking a 45.50% dip. As anticipation builds, the upcoming month’s scheduled burn events could inject significant momentum into the trading volume, potentially catalyzing an upward trajectory for LUNC.

Should the market forces align, a breakout past the $0.000090 threshold could unlock further gains, propelling the token towards the $0.000094 mark. This upward surge may even set the stage for a retest of the $0.00011 level, hinting at a promising horizon for LUNC’s value. 

Yet, the path ahead is fraught with uncertainty. The resistance at $0.00008411 looms large, and should it hold firm, LUNC might retreat towards the June low of $0.0000714, searching for a support base.

The post LUNC Token Eyes Recovery as Binance Burn Looms Following 26% Monthly Dip appeared first on Coin Edition.