Binance’s steadfast support and strategic moves, including the introduction of new trading pairs and scheduled burns, contribute to the impressive performance of the LUNC token.
Binance’s influence extends beyond LUNC, positively impacting the USTC token within the Terra ecosystem.
In the ever-evolving landscape of cryptocurrencies, Binance’s consistent backing of the LUNC token emerges as a key driver behind its remarkable performance in the market. The world’s largest crypto exchange has played a pivotal role in the altcoin’s rally through strategic announcements and unwavering support.
Binance’s commitment to LUNC became evident even after the Terra collapse, as it continued to endorse the token by initially pairing it with its native BUSD stablecoin. Following the discontinuation of the BUSD stablecoin, Binance promptly introduced the LUNC/USDT trading pair to facilitate seamless trading for users.
Undeterred by challenges, Binance recently took another significant step by unveiling a new trading pair, LUNC/TRY. This move, part of the exchange’s listing of various altcoin trading pairs, was implemented on December 5. The anticipation leading up to the listing fueled a substantial surge in the token’s price.
In addition to introducing new trading pairs, Binance has maintained its scheduled burns of the LUNC token. The most recent burn, conducted on December 1, involved the destruction of 3.9 billion tokens. The burning mechanism, executed in a single transaction, takes tokens generated from trading fees and reduces their supply. Initially a weekly occurrence, Binance later transitioned to a monthly burn schedule. This consistent reduction in token supply has bolstered investor confidence in the asset.
As the crypto market undergoes dynamic shifts, Binance’s unwavering support remains a driving force behind the impressive performance of the LUNC token.
Benefitting the Terra Ecosystem
Binance’s significant impact extends beyond the LUNC token, with the USTC token, another integral part of the Terra ecosystem, experiencing a notable recovery. In the past 30 days alone, LUNC’s price has surged by over 250%, while USTC has seen an even more impressive increase, exceeding 360% in the same timeframe.
Binance’s influence on these tokens is evident through its strategic listings. Both LUNC and USTC perpetual contracts were added to the exchange, leading to a surge in trading volume for these digital assets and subsequently driving their prices higher.
The Terra community has also played a crucial role in these tokens’ resurgence by passing vital proposals aimed at restoring the USTC peg to the US dollar. Although this objective is still in progress, achieving it would undoubtedly thrust USTC back into the spotlight, carrying LUNC along for the ride.
The LUNC Price Rally, What’s Ahead?
In the last fortnight, Terra Classic has emerged as a standout performer in the cryptocurrency market. After commencing at $0.0000685 in late November, the coin experienced a remarkable surge, hitting a 13-month peak of $0.00028, marking an impressive growth of 305%.
However, following this peak, the price retraced to $0.000208, currently seeking support near the 38.2% Fibonacci Retracement Level.
LUNC holders are advised to monitor crucial support levels at $0.000195 and $0.000167, corresponding to the 38.2% and 50% Fibonacci retracement levels, respectively. Maintaining these support levels could indicate a potential rebound, signaling a continuation of the ongoing recovery trend.
In the scenario of a bullish breakout above the $0.00028 resistance, the rally may extend by another 33%, reaching an approximate value of $0.0037 in the coming month.
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