Terra Luna Price Prediction as Binance Burns $1.8 Million LUNC

cryptonews.com:

The Terra Luna Classic (LUNC) price has dropped slightly in the past 24 hours, dipping by 0.5% to $0.00031545. Yet it remains up by 3% in a week and by 22% in a month, driven largely by Binance having completed a burn of all the trading fees it has collected from LUNC trading between September 21 and October 1.

This amounts to some $1.8 million in LUNC, which given the altcoin's current price, is equivalent to the burning of roughly 5.8 billion LUNC. The market appears to have taken such large-scale destruction as a sign that Binance is willing to support the rehabilitation of LUNC's price, which infamously collapsed in May after Terra issued billions of new LUNC (then known as LUNA) in order to shore up the price of stablecoin UST.

However, with LUNC now over 30,000% up after plunging to an all-time low of $0.000000999967 on May 13, Binance's intervention raises hopes that the disgraced altcoin could continue its near-miraculous recovery. The thing is, while its fractional price does hold out hope of further rises, the lack of a real use case for LUNC means that it's just a plaything of speculators, and may plunge again once they move on to the next trending coin.

Despite its recent rises, it's worth remembering that LUNC is still down by nearly 100% since its all-time high of $119.18, set back in April.

LUNC's indicators spiked at the beginning of this month, with its relative strength index (purple) surpassing 80. At the same time, its 30-day moving average (red) surged to rise comfortably above its 200-day average (blue), signalling a breakout of sorts.

Now, these indicators have reversed a little, portending a loss of momentum. Its RSI is down below 50, while its 30-day average looks as though it's in the process of