LUNC and USTC Price Reaction
Despite the substantial reduction in circulating supply, the market reaction has been restrained. LUNC price saw an increase of 3%, while USTC price rose by 1.70%, according to CoinMarketCap data.
Analysts attribute the limited price movement to the overall large supply of these tokens, as the recent burn represents only a fraction of the total amount in circulation.
‘It’s a good thing that supply is down, but since there are still billions still in circulation it’s doubtful this will have much effect on prices,’ said a market analyst. This relative calm suggests that although burns can cut down on supply, token utility and consumer appetite are needed for more significant gains.
While the immediate price impact was limited, technical indicators suggest the possibility of a future uptrend. Analysts have identified a “falling wedge” pattern on LUNC’s price chart, a formation that typically signals a bullish reversal. This pattern forms when prices oscillate between converging trendlines, often hinting at a potential breakout.
Support levels for LUNC are currently around $0.000083572, where strong buying interest has been observed. Resistance within the pattern is gradually decreasing, pointing to diminishing bearish sentiment.
If LUNC breaks through the upper trendline, some analysts believe it could aim for a target price around $0.0001, potentially setting the stage for further gains if market conditions align.
Despite the substantial reduction in circulating supply, the market reaction has been restrained. LUNC price saw an increase of 3%, while USTC price rose by 1.70%, according to CoinMarketCap data.
Analysts attribute the limited price movement to the overall large supply of these tokens, as the recent burn represents only a fraction of the total amount in circulation.
‘It’s a good thing that supply is down, but since there are still billions still in circulation it’s doubtful this will have much effect on prices,’ said a market analyst. This relative calm suggests that although burns can cut down on supply, token utility and consumer appetite are needed for more significant gains.
While the immediate price impact was limited, technical indicators suggest the possibility of a future uptrend. Analysts have identified a “falling wedge” pattern on LUNC’s price chart, a formation that typically signals a bullish reversal. This pattern forms when prices oscillate between converging trendlines, often hinting at a potential breakout.
Support levels for LUNC are currently around $0.000083572, where strong buying interest has been observed. Resistance within the pattern is gradually decreasing, pointing to diminishing bearish sentiment.
If LUNC breaks through the upper trendline, some analysts believe it could aim for a target price around $0.0001, potentially setting the stage for further gains if market conditions align.
👍5👎1
Ongoing Community and Exchange Initiatives
The Terra Luna Classic community has continued to support the ecosystem with additional burn initiatives and tax reforms. Binance has also been contributing to the burn efforts. In its 27th batch of LUNC burns, Binance recently eliminated over 1 billion tokens from circulation. With these contributions, the total LUNC burned by the community now stands near 137 billion.
Furthermore, the community recently approved a new tax proposal aimed at simplifying transactions on the Terra Classic blockchain.
This “Reverse Charge” tax mechanism is designed to streamline how taxes are deducted, making it easier for both users and developers to engage with the platform. These community-driven efforts demonstrate an ongoing commitment to boosting LUNC’s value, though the path to $1 remains uncertain.
The Terra Luna Classic community has continued to support the ecosystem with additional burn initiatives and tax reforms. Binance has also been contributing to the burn efforts. In its 27th batch of LUNC burns, Binance recently eliminated over 1 billion tokens from circulation. With these contributions, the total LUNC burned by the community now stands near 137 billion.
Furthermore, the community recently approved a new tax proposal aimed at simplifying transactions on the Terra Classic blockchain.
This “Reverse Charge” tax mechanism is designed to streamline how taxes are deducted, making it easier for both users and developers to engage with the platform. These community-driven efforts demonstrate an ongoing commitment to boosting LUNC’s value, though the path to $1 remains uncertain.
🔥2
LUNC News: Tax Handling Proposal Passed By Terra Luna Classic Community
The Terra Luna Classic community has approved a new tax handling proposal aimed at simplifying the tax system on the Terra Classic blockchain. This “Reverse Charge” mechanism changes how taxes are deducted in transactions, making it easier for developers and users to navigate the system.
Subsequently, the approval of this proposal comes amid recent token burns and ongoing efforts to support LUNC through various community-driven initiatives.
The Terra Luna Classic community has approved a new tax handling proposal aimed at simplifying the tax system on the Terra Classic blockchain. This “Reverse Charge” mechanism changes how taxes are deducted in transactions, making it easier for developers and users to navigate the system.
Subsequently, the approval of this proposal comes amid recent token burns and ongoing efforts to support LUNC through various community-driven initiatives.
👍1
In a recent announcement, the newly introduced Reverse Charge mechanism will enable the taxes to be directly debited from the transaction amount before it is credited to the recipient’s wallet. This change eliminates the need for senders to pay extra taxes which makes it convenient for the developer and the end user.
In this system, the tax is directly removed from the transferred amount so that there is no need for complicated tax management by developers of dApps and interfaces. The new tax system also supports backward compatibility hence dApps can still use sender-side taxation should they wish to do so.
This is expected to positively impact the existing Terra Classic users, as well as the developers from other ecosystems who struggle with the integration of the current tax logic into their applications.
Please open Telegram to view this post
VIEW IN TELEGRAM
👍4
Eliminating Double Taxation and Reducing Developer Burden
One of the major benefits of the Reverse Charge system is the elimination of double taxation for smart contracts. Under the previous system, contracts were often taxed both when receiving and sending funds, which added complexity and additional costs for developers and users interacting with decentralized applications on Terra Classic.
Now, taxation will only apply when funds are sent out of a contract to a wallet, ensuring a fairer process.
With this new approach, developers are relieved of the need to build custom tax-handling logic, which had been a significant challenge, especially for projects originating from other blockchain ecosystems. The adoption of Reverse Charge makes Terra Classic’s tax structure more user-friendly and lowers the entry barrier for dApp development on the platform.
One of the major benefits of the Reverse Charge system is the elimination of double taxation for smart contracts. Under the previous system, contracts were often taxed both when receiving and sending funds, which added complexity and additional costs for developers and users interacting with decentralized applications on Terra Classic.
Now, taxation will only apply when funds are sent out of a contract to a wallet, ensuring a fairer process.
With this new approach, developers are relieved of the need to build custom tax-handling logic, which had been a significant challenge, especially for projects originating from other blockchain ecosystems. The adoption of Reverse Charge makes Terra Classic’s tax structure more user-friendly and lowers the entry barrier for dApp development on the platform.
👍5👎1
Recent Token Burns and Community Efforts to Boost LUNC
The new tax proposal comes after previous token burns that were supposed to decrease the total supply of LUNC and in turn boost the asset’s price. In the last burn cycle, Binance burned more than 1.048 billion LUNC, taking the total burned tokens by the community to about 137 billion.
Concurrently, 49,472.28 LUNC were burned in a single transaction on the network recently. These ongoing burn initiatives show that the community is committed to decreasing the supply and increasing the value of LUNC.
Moreover, Terra Luna Classic has gone further to expand their ecosystem whereby they have delegated 30 million LUNC to VegasMorph which now puts Terra Classic delegation at 990 million LUNC. This delegation is part of wider efforts to defend the validators and other important participants of the network.
In early July, the Terra Classic Foundation also delegated another 30 million LUNC to hexxagon_io, which operates and manages Galaxy Station and Galaxy Finder.
The new tax proposal comes after previous token burns that were supposed to decrease the total supply of LUNC and in turn boost the asset’s price. In the last burn cycle, Binance burned more than 1.048 billion LUNC, taking the total burned tokens by the community to about 137 billion.
Concurrently, 49,472.28 LUNC were burned in a single transaction on the network recently. These ongoing burn initiatives show that the community is committed to decreasing the supply and increasing the value of LUNC.
Moreover, Terra Luna Classic has gone further to expand their ecosystem whereby they have delegated 30 million LUNC to VegasMorph which now puts Terra Classic delegation at 990 million LUNC. This delegation is part of wider efforts to defend the validators and other important participants of the network.
In early July, the Terra Classic Foundation also delegated another 30 million LUNC to hexxagon_io, which operates and manages Galaxy Station and Galaxy Finder.
❤2👍2
Shuttle Bridge Closure and Community Optimism
The community’s optimism about LUNC’s future has been further fueled by the closure of the Shuttle Bridge, a key infrastructure component that previously enabled cross-chain transactions. Community member Leonardo, addressed recent questions regarding the shuttle bridge and the anticipated burns.
With the closure of the Shuttle Bridge, the Terra Classic community now expects an additional burn of LUNC and USTC tokens as part of ongoing efforts to stabilize and support the ecosystem.
The community’s optimism about LUNC’s future has been further fueled by the closure of the Shuttle Bridge, a key infrastructure component that previously enabled cross-chain transactions. Community member Leonardo, addressed recent questions regarding the shuttle bridge and the anticipated burns.
“Today, I was flooded with DMs about the repeg plan/TFL burns. The expected burn didn’t happen, but the good news is the shuttle bridge is now closed. When the bridge burn happens, we’ll adapt.”
With the closure of the Shuttle Bridge, the Terra Classic community now expects an additional burn of LUNC and USTC tokens as part of ongoing efforts to stabilize and support the ecosystem.
🔥4👍1
Terra Luna Classic Community Approves New Tax Proposal to Simplify Blockchain Tax System
According to Odaily, the Terra Luna Classic community has voted to approve a new tax proposal aimed at simplifying the tax system on the Terra Classic blockchain. This 'Reverse Charge' mechanism changes the way taxes are deducted in transactions, making it easier for developers and users to utilize the system.
The new mechanism will deduct taxes directly from the transaction amount before it is credited to the recipient's wallet. This change eliminates the need for the sender to pay additional taxes, providing convenience for both developers and end-users. In this system, taxes are deducted directly from the transfer amount, so DApp and interface developers do not need to manage complex tax processes.
The new tax system also supports backward compatibility, allowing DApps to continue using the sender-based tax handling as needed.
According to Odaily, the Terra Luna Classic community has voted to approve a new tax proposal aimed at simplifying the tax system on the Terra Classic blockchain. This 'Reverse Charge' mechanism changes the way taxes are deducted in transactions, making it easier for developers and users to utilize the system.
The new mechanism will deduct taxes directly from the transaction amount before it is credited to the recipient's wallet. This change eliminates the need for the sender to pay additional taxes, providing convenience for both developers and end-users. In this system, taxes are deducted directly from the transfer amount, so DApp and interface developers do not need to manage complex tax processes.
The new tax system also supports backward compatibility, allowing DApps to continue using the sender-based tax handling as needed.
👍3
Terra Luna Classic Community Approves New Tax Proposal to Simplify Blockchain Tax System
According to Odaily, the Terra Luna Classic community has voted to approve a new tax proposal aimed at simplifying the tax system on the Terra Classic blockchain. This 'Reverse Charge' mechanism changes the way taxes are deducted in transactions, making it easier for developers and users to utilize the system.
The new mechanism will deduct taxes directly from the transaction amount before it is credited to the recipient's wallet. This change eliminates the need for the sender to pay additional taxes, providing convenience for both developers and end-users. In this system, taxes are deducted directly from the transfer amount, so DApp and interface developers do not need to manage complex tax processes.
The new tax system also supports backward compatibility, allowing DApps to continue using the sender-based tax handling as needed.
According to Odaily, the Terra Luna Classic community has voted to approve a new tax proposal aimed at simplifying the tax system on the Terra Classic blockchain. This 'Reverse Charge' mechanism changes the way taxes are deducted in transactions, making it easier for developers and users to utilize the system.
The new mechanism will deduct taxes directly from the transaction amount before it is credited to the recipient's wallet. This change eliminates the need for the sender to pay additional taxes, providing convenience for both developers and end-users. In this system, taxes are deducted directly from the transfer amount, so DApp and interface developers do not need to manage complex tax processes.
The new tax system also supports backward compatibility, allowing DApps to continue using the sender-based tax handling as needed.
❤1
Terra Luna Classic price is inching closer to a breakout following increased market volatility resulting from the just-completed U.S. elections. LUNC price increased by 8.6% in the last 24 hours and is trading at $0.00009162 after Bitcoin momentum picked up and pushed the entire crypto market up by 6.4% to $2.588 trillion.
After Binance burned over 1 billion LUNC and the TFL incinerated another 251 billion coins, the ‘LUNCArmy’ community was disappointed to see the price remain stable. However, the winning of Donald Trump has put life back into the markets, and the price of LUNC eyes a potential breakout that could send it up by over 200%.
Please open Telegram to view this post
VIEW IN TELEGRAM
👏2🍌1
Terra Luna Classic Price Eyes $0.00028, But Must Clear This Obstacle
LUNC price has been consolidating inside an ascending triangle since July 2024. However, it is inching near the apex of the triangle and will soon have to decide.
Ascending triangles are generally bullish continuation structures, and once the price breaks above the upper horizontal resistance, it usually rises by a measure move.
Once the LUNC price breaks the $0.000095 resistance, the asset is likely 81% to $0.0001680, with an occasional stop around $0.00012. If the bullish pressure is maintained, the Terra Luna Classic price could surge higher and test the first high established after the 2022 crash.
Conversely, a break below the lower trendline support would signal market weakness. LUNC price would drop lower and find further support around the $0.000069 and $0.00005435. This would invalidate the current bullish thesis.
Following the non-reactive price after a major LUNC and USTC burn, the community is looking for other methods to boost prices besides reducing the supply.
LUNC price has been consolidating inside an ascending triangle since July 2024. However, it is inching near the apex of the triangle and will soon have to decide.
Ascending triangles are generally bullish continuation structures, and once the price breaks above the upper horizontal resistance, it usually rises by a measure move.
Once the LUNC price breaks the $0.000095 resistance, the asset is likely 81% to $0.0001680, with an occasional stop around $0.00012. If the bullish pressure is maintained, the Terra Luna Classic price could surge higher and test the first high established after the 2022 crash.
Conversely, a break below the lower trendline support would signal market weakness. LUNC price would drop lower and find further support around the $0.000069 and $0.00005435. This would invalidate the current bullish thesis.
Following the non-reactive price after a major LUNC and USTC burn, the community is looking for other methods to boost prices besides reducing the supply.
👍3
An analysis of traders’ behavior reveals they are bullish on LUNC. Data from the Coinglass Liquidation Map shows traders have opened more longs than shorts on the daily and monthly timeframes. However, in the weekly timeframe, there are more sellers than buyers.
This may be due to the overhead resistance at $0.000095, which has suppressed the price for the last four months. Nevertheless, with Bitcoin hitting a new all-time high, things could be different this time, and LUNC could breach this resistance.
Additionally, LUNC’s open interest (OI) dropped by 2.3% while the price increased by 8.6% in the last 24 hours, signaling that traders are closing their short positions in profit. When they do this, traders tend to open long positions. Hence, Terra Luna Classic price could witness increased volume in the coming days, which could fuel its rally beyond $0.000095 resistance and move toward $0.00028.
Please open Telegram to view this post
VIEW IN TELEGRAM
Terra Luna Classic (LUNC) Price Rises 5% as Bullish Momentum Builds
Terra Luna Classic (LUNC) has risen 5% today on strong technical indicators and market sentiment. The recent burn event of the LUNC token is what led to the surge in that price.
LUNC Price Chart Analysis
LUNC/USDT is up with a price increase of 5% trading at $0.00009066 in the last 24 hours.
The price has recently propelled beyond the 20-day Simple Moving Average SMA at $0.0000900, suggesting a possible move toward the bullish zone.
This level acts as support, suggesting that there may be higher demand to buy LUNC which could help maintain Terra Luna Classic’s rally.
Nonetheless, LUNC still could face some resistance at $0.00009641, at the upper Bollinger Band for LUNC. A breakthrough of this level may confirm more bullish strength in LUNC as well as a continuation of a bullish trend.
Terra Luna Classic (LUNC) has risen 5% today on strong technical indicators and market sentiment. The recent burn event of the LUNC token is what led to the surge in that price.
LUNC Price Chart Analysis
LUNC/USDT is up with a price increase of 5% trading at $0.00009066 in the last 24 hours.
The price has recently propelled beyond the 20-day Simple Moving Average SMA at $0.0000900, suggesting a possible move toward the bullish zone.
This level acts as support, suggesting that there may be higher demand to buy LUNC which could help maintain Terra Luna Classic’s rally.
Nonetheless, LUNC still could face some resistance at $0.00009641, at the upper Bollinger Band for LUNC. A breakthrough of this level may confirm more bullish strength in LUNC as well as a continuation of a bullish trend.
👏2👍1
Bollinger Bands Show High Volatility in Terra Luna Classic Price
The price of Terra Luna Classic is currently close to the upper Bollinger Band, suggesting higher volatility and possibly resistance.
The Bollinger Band which helps to measure the price volatility indicates that LUNC is approaching the $0.00009641 price mark, the upper boundary that could serve as a possible short-term top.
However, if LUNC fails to clear this area, it could find stabilizing support at its 20-day SMA near the middle Bollinger Band at $0.00009000.
In the case of a pullback, the lower Bollinger Band of $0.00008360 serves as a stronger support level, as this denotes the lowest region LUNC moved within in recent times.
Relative Strength Index (RSI) Indicates Mild Upward Momentum
LUNC’s Relative Strength Index (RSI) is 52.91, which shows that there is moderate bullish momentum without the RSI being overbought.
An RSI above 50 is generally sustained by positive momentum, and an above 70 reading indicates overbought conditions.
RSI remains below the overbought zone suggesting that LUNC could still move higher before the heating reversal signal.
A recent RSI surge from previous lows suggests an increase in momentum and bullishness. If the RSI crosses above 60, it would further fortify the bullish outlook, but traders must keep their eyes on consolidation or a pullback if the price approaches resistance at the upper Bollinger Band.
The price of Terra Luna Classic is currently close to the upper Bollinger Band, suggesting higher volatility and possibly resistance.
The Bollinger Band which helps to measure the price volatility indicates that LUNC is approaching the $0.00009641 price mark, the upper boundary that could serve as a possible short-term top.
However, if LUNC fails to clear this area, it could find stabilizing support at its 20-day SMA near the middle Bollinger Band at $0.00009000.
In the case of a pullback, the lower Bollinger Band of $0.00008360 serves as a stronger support level, as this denotes the lowest region LUNC moved within in recent times.
Relative Strength Index (RSI) Indicates Mild Upward Momentum
LUNC’s Relative Strength Index (RSI) is 52.91, which shows that there is moderate bullish momentum without the RSI being overbought.
An RSI above 50 is generally sustained by positive momentum, and an above 70 reading indicates overbought conditions.
RSI remains below the overbought zone suggesting that LUNC could still move higher before the heating reversal signal.
A recent RSI surge from previous lows suggests an increase in momentum and bullishness. If the RSI crosses above 60, it would further fortify the bullish outlook, but traders must keep their eyes on consolidation or a pullback if the price approaches resistance at the upper Bollinger Band.
👍2🔥2
🚀 LUNC Burns Set to Explode! Terra Luna Classic Is On the Verge of a New Era! 🚀
The Terra Luna Classic (LUNC) community is buzzing with excitement as burn rates for $LUNC are about to skyrocket! Big developments are taking shape, and LUNC is gearing up for a transformation that could change the game for its price and utility.
🔥 Major Burn Milestone: 1.01 Billion LUNC Tokens Gone! 🔥
Recently, Binance took a massive step by completing a burn of 1.01 billion LUNC tokens, marking one of the largest single burns in the history of the Terra Luna Classic project. This is just the beginning! Since the 2022 crisis, the LUNC community has burned over 76 billion tokens—and with increased trading volumes and the launch of new trading pairs, burns are expected to surge even higher in the coming months.
The Terra Luna Classic (LUNC) community is buzzing with excitement as burn rates for $LUNC are about to skyrocket! Big developments are taking shape, and LUNC is gearing up for a transformation that could change the game for its price and utility.
🔥 Major Burn Milestone: 1.01 Billion LUNC Tokens Gone! 🔥
Recently, Binance took a massive step by completing a burn of 1.01 billion LUNC tokens, marking one of the largest single burns in the history of the Terra Luna Classic project. This is just the beginning! Since the 2022 crisis, the LUNC community has burned over 76 billion tokens—and with increased trading volumes and the launch of new trading pairs, burns are expected to surge even higher in the coming months.
👍12❤2
Despite some recent market fluctuations, the LUNC ecosystem is witnessing a recovery fueled by its growing community support and burn initiatives. The excitement around LUNC is palpable as more investors and traders look to capitalize on its potential for a significant comeback.
Please open Telegram to view this post
VIEW IN TELEGRAM
🔮 What’s Next for LUNC?
With increasing token burns and new partnerships, LUNA Classic is on the verge of something big. The ongoing burns will continue to reduce the supply, creating a scarcity effect and potentially boosting the token’s value over time. As trading volumes rise, LUNC’s value could soar, offering incredible opportunities for early investors.
Why You Should Keep an Eye on LUNC:
Massive Burn Events: More burns are expected as Binance and the community rally together to reduce supply.
Growing Market Excitement: New trading pairs and increased activity are fueling the LUNC rally.
Recovery Potential: LUNC’s journey toward recovery is showing early signs of success, with bullish sentiment building in the market.
Join the LUNC Revolution!
Now is the time to get involved as Terra Luna Classic sets the stage for explosive growth. Whether you’re a seasoned trader or just entering the world of crypto, LUNC’s potential for recovery and its burn strategy could set the foundation for life-changing gains.
Stay tuned and get ready for what could be one of the most exciting LUNC moments yet!
With increasing token burns and new partnerships, LUNA Classic is on the verge of something big. The ongoing burns will continue to reduce the supply, creating a scarcity effect and potentially boosting the token’s value over time. As trading volumes rise, LUNC’s value could soar, offering incredible opportunities for early investors.
Why You Should Keep an Eye on LUNC:
Massive Burn Events: More burns are expected as Binance and the community rally together to reduce supply.
Growing Market Excitement: New trading pairs and increased activity are fueling the LUNC rally.
Recovery Potential: LUNC’s journey toward recovery is showing early signs of success, with bullish sentiment building in the market.
Join the LUNC Revolution!
Now is the time to get involved as Terra Luna Classic sets the stage for explosive growth. Whether you’re a seasoned trader or just entering the world of crypto, LUNC’s potential for recovery and its burn strategy could set the foundation for life-changing gains.
Stay tuned and get ready for what could be one of the most exciting LUNC moments yet!
🔥6👎2⚡1👍1
The Web3 developer company Orbit Labs is taking a historical leap forward in enhancing Terra Luna Classic’s (LUNC) infrastructure. A few days back, the original chain’s community approved the proposal, dubbed #12143 ‘Reverse Charge’, authorizing the dev team to take the reigns and buckle down.
This upgrade includes a simplified tax mechanism on LUNC, offering automatic tax deductions with backward compatibility.
Please open Telegram to view this post
VIEW IN TELEGRAM
❤4🔥2👍1
The new tax system on Terra Classic’s L1 chain will replace the previous ‘Tax2Gas’ consensus, eliminating the previous requirement for the payment sender to pay the transfer tax as an extra fee. This outdated logic has imposed multiple challenges on developing decentralized applications on the network, particularly those native to other blockchains.
According to the updates on Orbit Labs’ official X account, the work on implementing this on a Pay-per-Job (PPJ) basis, focusing on fixing interchain tests introduced in SDK 0.47, as well as carrying out a comprehensive code overview of the community-approved “Reverse Charge” mechanism. Overall, the developers at Orbit Labs set a $2,500 budget for this work to be done.
Please open Telegram to view this post
VIEW IN TELEGRAM
👍4👎3🔥3
Despite the favorable L2 network developments, Terra Luna Classic’s price value has been lagging, with a slight increase of 2.2% over the past 24 hours. While keeping above a $500 million market cap, the altcoin competition has been fierce for LUNC, as the altcoin continues to dwell below crypto’s TOP 150 by global market capitalization.
On the technical side, Terra Luna Classic’s price charts show more bearish signs than bullish ones. On the one-day charts, the Layer-1 altcoin continues to trade below the key support of $0.0000950. At the same time, the Stochastic Relative Strength Index (StochRSI) flashes an overbought condition for LUNC, floating between 86 and 80.
The Chaikin Money Flow (CMF) also dwelled below zero, signaling that more large investors are distributing their LUNC positions rather than accumulating, making the $1 LUNC price target unrealistic for the time being. Nevertheless, the forthcoming price trajectory for Terra Luna Classic heavily depends on the usage, as traders on the receiving side on Terra Classic’s chain won’t be taxed on incoming transfers when the upgrade kicks in.
Please open Telegram to view this post
VIEW IN TELEGRAM
🥱6🔥3🗿3👍2