Holders from Terra Classic [LUNC] posted gains during the intraday trading session on Sept. 26, as the asset’s price jumped more than 30% immediately after Binance’s Announcement.
Leading exchange Binance released an announcement blog on September 26. Binance informed its users about the implementation of a burning mechanism that would burn all trading fees paid to it on LUNC spot and margin trading pairs. Binance planned to do this by sending the trading fees to the LUNC brand address.
In an earlier pronunciation from Binance CEO Changpeng Zhao, it was stated that Binance would impose an optional tax of 1.2% on all LUNC trading. This would become permanent once the traders who decided to sign up reached 50% of the total LUNC trading volume on the exchange.
However, the Terra community didn’t Like it the approach Zhao suggested. Hence the new approach to burn all fees on LUNC spot and margin trading pairs.
LUNC in the last 24 hours
According to data from CoinMarketCap, LUNC traded at $0.0003,032 at the time of writing. The price of the asset had risen more than 60% in the last 24 hours.
With significant trading going on at the time of writing, LUNC’s trading volume increased 287% over the same period. Trading volume in the past 24 hours was $2.29 billion, data from Santiment shows.
lunarCrush, a cryptocurrency social analytics platform, also found that following Binance’s announcement, LUNC’s social mentions peaked at 9550 within the hour. This was the highest social mentions recorded by the asset in the past 90 days, according to LunarCrush.
In addition to the 30% intraday high, LUNC’s social dominance increased by more than 47% and social engagement by more than 86%.
The #terraclassic the community is busy again today🚀
Let’s take a look at today’s social activity 🔥. $LUNC social mentions measured by the hour reached 9.55K, the highest point in the past 90 days.
Social dominance +47.23%
Social engagement +86.33%
Insights: https://t.co/R01sSRHYOM pic.twitter.com/694VLZXkhK
— LunarCrush (@LunarCrush) September 26, 2022
A quick four-hour check
On the four-hour chart, key indicators revealed an impressive move of the #31 largest cryptocurrency. At press time, the Relative Strength Index (RSI) pushed new highs in the overbought region at 62.
The Money Flow Index (MFI) was also at 65. With increased buying pressure over the past four hours, the Chaikin Money Flow (CMF) rested at the 0.16 region above the midline (0.0).
Before you lock your LUNC transactions
A look at LUNC’s movements on a daily chart told a different story. While LUNC’s price and trading volume registered astronomical highs in the past 24 hours, movements on the daily chart suggested a decline in the “market craze” that followed Binance’s announcement.
At the time of going to press, the RSI and MFI attempted to break through their respective neutral regions. They were positioned in down trends at 52 and 53. Also, at negative -0.03, the CMF has shown declining buying momentum over the past 24 hours.
This post Here’s Why Terra Classic Traders Shouldn’t Be Bumped By LUNC’s 60% Rise
was published first on https://ambcrypto.com/heres-why-terra-classic-traders-shouldnt-get-blind-sided-by-luncs-60-surge/