LUNC rallies by 50% after Binance implements Terra Classic burn mechanism on trading fees

LUNC is up by more than 50% in the last 24 hours after Binance implemented a tax burn mechanism on Terra Classic trading fees.

LUNC, the native coin of the Terra Classic ecosystem, is the best performer amongst the top 100 cryptocurrencies by market cap.

It has added more than 50% to its value in the last 24 hours and is now trading at $0.0003004 per coin.

The rally comes as the broader cryptocurrency market recovers from its poor start to the week. The crypto market has added more than 3% to its value in the last 24 hours, with the total market cap now around $960 billion.

Bitcoin is eyeing the $20k level for the first time in more than a week after surging by nearly 5% so far today. 

Ether, the second-largest cryptocurrency by market cap, is also up by more than 4% today and is trading at $1,364 per coin.

LUNC’s rally comes after Binance, the world’s largest crypto exchange, implemented a tax burn mechanism on Terra Classic trading fees. 

Binance said it would implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address. The specific amount of LUNC to be burned, its equivalent value in USDT and on-chain transaction ID will be updated each week.

Key levels to watch

The LUNC/USD 4-hour chart has turned bullish as Terra Classic has been performing well over the last 24 hours.

LUNC/USD Chart By TradingView

The MACD line is within the positive territory, indicating that LUNC has become bullish. The 14-day RSI of 62 shows that LUNC could soon enter the overbought region if the rally continues.

If the bulls remain in charge, LUNC could move past the first major resistance level at $0.00033188 before the end of the day. 

In the event of an extended rally, LUNC could surge past the second major resistance level at $0.0004011 over the next few hours. 

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