LUNA Classic Futures Leverage on Binance Increases to 25x

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On Friday, September 9, the Binance cryptocurrency exchange announced about the launch of new perpetual futures for the LUNC token with a leverage of 25x. Futures will be settled in USDT. The news helped the token to resume growth after an intraday correction.

In May 2022, Binance delisted LUNA-pegged derivatives and lowered leverage on perpetual contracts from 25x to 8x, citing a desire to cushion the effects of the crisis.

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In addition, Binance has announced that it will support a tax on transactions with LUNC, which involves burning 1.2% of the transaction amount. Such a tax will be levied from September 20, on block 9,475,000, but will only apply to deposits and withdrawals. It will not apply to margin trades and transactions on the spot market.

Earlier, the decision to introduce a tax on transactions with Terra Classic was approved by the ecosystem community. It is assumed that these measures will help raise the value of the token.

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Since the Luna token fell into the vortex of death, the volume of coins in circulation has grown to 6.2 trillion. Therefore, despite the meager cost of $0.00045 at the time of publication, LUNC is in 27th place in the ranking of cryptocurrencies in terms of market capitalization.

Potential top LUNC

The LUNC has reached important resistance levels. The technical picture suggests that LUNC has already reached the top.

Moreover, the LUNC rate has already begun to decline. On Friday, the token tested a low at $0.00036, down 40% from its peak. Then the price rushed up again, forming a long lower shadow on the candlestick chart (green icon).

Despite this, the price is still within the ABC corrective structure and is at risk of falling into the $0.00028-$0.00034 range, indicated by Fibonacci retracement levels.

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Source: Cryptocurrency

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