Terra Luna Classic (LUNC) Price Jumps 60% as Binance has implemented a burn rate for LUNC

Terra Luna classic (LUNC) price increased by 60% as Binance launches the trading fee burn mechanism. 

Terra Luna Classic (LUNC) Price Jumps 60% as Binance has implemented a burn rate for LUNC

Luna classic (LUNC) initiated a bounce as a result of a Binance tax implementation on Monday, the price has increased by 50%. 

Binance expressed that it has implemented a burning mechanism to burn all trading fees on LUNC spot and margin trading.  

Currently, all the trading fees will be sent to this address, which is considered the LUNC burn address, fees will be collected in either USDT, BUSD, or BNB then they will be converted to LUNC.

Binance also publishes a weekly LUNC burn report every Tuesday at 00:00 UTC they will be updated on Oct 3. 

LUNC has been falling since reaching a high of $0.00059 on Sept 8. the descending resistance line has led to a low of $0.000179 on Sept 25. 

The live Terra Classic price today is $0.000319 with a 24-hour trading volume of $1,530,265,580. Terra Classic is up 39.69% in the last 24 hours. The current CoinMarketCap ranking is #31, with a live market cap of $1,962,418,201 USD. It has a circulating supply of 6,151,072,613,161 LUNC coins.

LUNC price statistics the 24h price range of LUNC is $0.0000745 of 32.95% and 24h low is $0.0001825 and 24h High is $0.0003272 with 0.21% Market dominance. 

LUNC is facing resistance from the $0.0003 resistance level, the 0.382 FIB retracement resistance level and the RSI is facing from the 50 lines. 

Related: Polkadot (DOT) could validate a long-term bullish pattern with a breakout from a short-term descending wedge