Terra LUNA Classic (LUNC) is trending again as it aggressively continues its recovery journey on the charts. In fact, the cryptocurrency is off to a hyped start this month, riding the back of the LUNC community pursuing a Coinbase listing.
Interestingly, the LUNC community just completed another aggressive campaign, one that sought the implementation of 1.2% tax burn on Binance. The community’s next step is to list LUNC on Coinbase and Robinhood. In fact, the petitions had already been filed at the time of going to press.
I have a feeling the “community” will use this as a trojan for a “#LUNCBURN mechanism” once approved🤣
— Mav Rey.cate 🐦🐈⬛ (@DonBarang) October 1, 2022
The “Coinbase Effect”
Coinbase listings have provided healthy traction for the publicly traded cryptocurrency in the past. The listing of LUNC could potentially open the way for more liquidity from millions of investors in the US. A successful listing on Coinbase would likely have a positive price effect on LUNC. If successful, the community will likely push for Coinbase to implement the tax burn as well.
A similar result is expected if LUNC secures a Robinhood list. Both exchanges have millions of users, with both listings likely to provide more exposure to the cryptocurrency. Needless to say, Coinbase and Robinhood’s listing expectations will undoubtedly generate market excitement for LUNC.
LUNC was trading at $0,00035, at the time of writing, after a 92% rise in the charts. The above-mentioned rise made it one of the best-performing cryptocurrencies on the market this week.
LUNC’s rally started after it interacted with the 50-day moving average, marking the end of its 69% bearish retracement. However, it still has some ground to cover before recovering to its highest point in September.
The MACD has managed to rise above the zero line in the past 24 hours. The 9-day exponential moving average (EMA) moved just above the 26-day MA, further contributing to the bullish signs.
LUNC’s chart indicators as of going to press suggested that the price could move towards more of the upside in the coming days. However, on-chain metrics don’t necessarily align with these sentiments. For example, social dominance has dropped significantly since Sept. 25, around the same time the last rally began.
LUNC’s social dominance is likely to be greater as the Terra LUNA Classic community continues to push for Coinbase and Robinhood listings. A favorable outcome could boost demand for the currency.
On the other hand, the opposite result may fool investors, triggering another sell-off. In addition, LUNC’s developer activity stat has also fallen to its lowest point in 4 weeks.
The determination of the Terra LUNA Classic community to ensure its success has yielded favorable results so far. It recently managed to convince Binance to implement the tax burn, demonstrating its strong influence. It will be interesting to see how this campaign plays out, especially if Coinbase and Robinhood continue with the listing requests.
Finally, investors should keep an eye on the cryptocurrency, especially if the listings are approved. This is because LUNC listings will usher in more liquidity while also paving the way for more burns.
This post Review of the hype surrounding LUNC as Coinbase, Robinhood listings continue
was published first on https://ambcrypto.com/assessing-the-hype-around-lunc-if-coinbase-robinhood-listings-go-through/