• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
LUNC

LUNC Network Upgrade Backed By Major Exchanges – Will The Crypto Balloon In Price? 

Christian Encila by Christian Encila
2 months ago
in Cryptocurrency news
Reading Time: 3 mins read
Advertisement

Just this January 14th, LUNC just went through its network upgrade that was supported by Binance. The upgrade was due to several developments on-chain.

According to its January 1st blog post, it was because the system of LUNC remints tokens that were burnt for a development fund. 

Along with this, the ecosystem would also have an increase in gas fees for better validators and staking rewards in the platform. This would mean that the ecosystem would continuously burn and make LUNC a deflationary currency. 

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!
Related Reading: XRP Bulls Aim For $1 As Crypto Advances With 12% Weekly Pump

What It Means For LUNC

Luna Classic becoming deflationary would have an effect on the token. But this wouldn’t be enough for the token to have a big move in the short and mid-term. Based on the blog post, this burn rate of the ecosystem would increase as remints would be eliminated. 

The proposal also increases the gas fees in the ecosystem, making the usage of the community fund more efficient. Although this may seem bad, Terra Luna Classic’s gas fees are still comparably low compared to Terra 2.0.

LUNCImage: CryptoSlate

The proposal was well received by the community. This could be a catalyst for a consistent move upwards as LUNC rides the altcoin rally. 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

LUNC is the native cryptocurrency of the old Terra network. It was launched in 2018 under the name LUNA, but was renamed LUNC following the Terra disaster.

Long Term, The Key For Gains

Short term, the token is set to break its current upward trend. Volatility is expected to enter the market in the next few days – but then that is not surprising – as the market prices in the burnt tokens.

It is likely, however, that the token would have a respite in the coming days as deflationary forces act upon the token. 

As the time of writing, the token’s price is at $0.00017586, a percent discount from yesterday’s price movement, but LUNC also exhibited sizable gains in the weekly and bi-weekly time frame. The token is also currently facing strong resistance at $0.00018073. 

LUNC total market cap at $993 million on the daily chart | Chart: TradingView.com
Related Reading: Hedera Soars 23% As HBAR Blooms All-Green On The Charts All Week

In the short-mid term, the token would revert back to its support at $0.00015726 in the next couple of days or weeks. If the token experiences a pull back in price, the token should have enough momentum to retest the $0.00018073 resistance level. 

If the token breaches the $0.00018073 resistance level, it could regain and consolidate above it in the coming weeks to retest $0.0001866 with confidence.

Investors and trader should brace themselves for a bumpy few days as the token experiences volatility. 

Long-term, holding LUNC is the best move for investors and traders as the market rides on Bitcoin’s resistance break at $21,000.

Featured image: OpenText Blogs

Tags: altcoincrypto newsLUNCprice analysisTerra Luna Classic
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Christian Encila

Christian Encila

Related Posts

Pooky, The NFT Football Prediction Game That Pays, Launches Today

Pooky, The NFT Football Prediction Game That Pays, Launches Today

12 hours ago
Bitcoin

Bitcoin Price Action Mirrors Q1 2021, Volatility Ahead?

24 hours ago
Ethereum (ETH) number of addresses surges

Number Of Ethereum Addresses In Profit Hits 10-Month High As ETH Continues Rally

1 day ago
Bitcoin

Bitcoin Coinbase Premium Continues To Decline, Buying Pressure Ending?

1 day ago
Ethereum bull

On-Chain Data Indicates Ethereum’s Bullish Trend Could Continue

1 day ago
Bitcoin

Quant Explains How Bitcoin ‘ESR’ Can Act As Leading Indicator For Price

1 day ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

ShibaLauncher: First Community Driven Launchpad on Shibarium Opens Token Pre Sale To SHIB Holders

March 25, 2023

As the competition in the derivatives market heats up, BitMake is poised to stand out

March 25, 2023

BNB (BNB) Stagnates, Collateral Network (COLT) Presale Takes Off, And Avalanche (AVAX) Loses Ground

March 25, 2023

Don’t Be Slow! TMS Network’s (TMSN) Presale Is Selling Out Fast As Aptos (APT) And Avalanche (AVAX) Fall To A New Low

March 25, 2023

IBC Group Incubates Chirpley, Pioneering a New Era of Digital Marketing with Nano-Micro Influencer Marketplace

March 25, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.