- Luna Classic LUNC price yielded 12% gains overnight for holders after Binance’s massive burn of 6.39 billion tokens.
- Binance has destroyed nearly 20 billion LUNC through a burning mechanism, fueling a bullish sentiment among Luna Classic holders.
- Luna Classic price chart reveals that LUNC broke past the falling wedge, this is considered a bullish sign for the altcoin.
Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens.
Also read: FTX exchange collapse, loss of $3.1 billion could have been avoided on one condition
LUNC price rallies after massive Binance token burn
Binance, one of the world’s largest exchanges by trade volume, burned 6.39 billion LUNC tokens as part of its monthly Luna Classic burn mechanism. Binance sent the LUNC tokens to the burn address on December 1 at 2:35 PM GMT. This represents the sixth batch of Luna Classic trade fees collected by the exchange for the period from October 30 to November 30.
Luna Classic weekly burns were facilitated by Binance for the first five weeks. Post that the exchange announced monthly LUNC burns. The volume of Luna Classic burned continued to decline due to low trade volume and proposal 5234 that reduced tax burn from 1.2% to 0.2%.
Luna Classic burn by Binance
Binance burned 13.7 billion LUNC tokens in October 2022 and the total burn has crossed 20 billion Luna Classic tokens. Post Binance’s burn, LUNC rallied 12% overnight.
Luna Classic price chart shows bullish signs
On evaluating the Luna Classic price chart, there are bullish signs that point towards an extended rally in LUNC. Luna Classic price has moved slightly above the falling wedge pattern in the chart below. This is considered a bullish sign. Interestingly, Relative Strength Index (RSI), a momentum indicator, crossed the neutral level of 50. Overall technicals therefore point towards extended gains in LUNC price.
LUNC/USDT price chart
At press time, LUNC is changing hands at $0.000182. There is a likelihood that Luna Classic performs well in December 2022 based on the aforementioned technicals, a key level to watch is the monthly high of $0.000278.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto traders brace for short-term volatility with $2.4 billion options expiry on Friday
Bitcoin and Ethereum options market looks bullish on Friday, according to data from intelligence tracker Greeks.live. The firm said it has identified two Bitcoin calls that show an underlying bullish sentiment among market participants.
XRP recovers from week-long decline following Ripple’s response to SEC motion
Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness.
Lido adds 4% gains as protocol rolls out first step towards decentralization
Lido takes the first batch of simple DVT validators to live, a step taken to decentralize the protocol. Lido leveraged technology to expand the protocol to multiple node operators, inviting both solo and community stakers.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.