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Burning Terra Luna Classic (LUNC) tokens involves permanently removing them from circulation to decrease the total supply, potentially increasing the token’s value over time. Here’s a step-by-step guide on how you can participate in the LUNC burn:

1. Understand the LUNC Burn Mechanism

The LUNC community has implemented mechanisms to reduce the circulating supply:

• On-Chain Burn Tax: A small percentage of each transaction on the Terra Classic blockchain is automatically burned. As of May 2023, this burn tax is set at 0.5%.Â

• Manual Burns: Individuals and organizations can send LUNC tokens to a designated burn address, effectively removing them from circulation.

2. Participate in On-Chain Transactions

Every transaction you perform on the Terra Classic blockchain contributes to the burn through the on-chain burn tax. This includes transferring LUNC between wallets, staking, or interacting with decentralized applications (dApps) on the network.

Steps:

• Set Up a Terra Classic Wallet: If you don’t already have one, create a wallet compatible with the Terra Classic network.

• Acquire LUNC Tokens: Purchase LUNC tokens from a cryptocurrency exchange that supports them.

• Engage in Transactions: Use your LUNC tokens to interact with the Terra Classic ecosystem. Each transaction will automatically contribute to the burn via the on-chain tax.

3. Perform Manual Burns

If you wish to contribute more directly, you can manually send LUNC tokens to the official burn address.

Steps:

• Obtain the Official Burn Address: The official burn address is a wallet that has no associated private key, ensuring that tokens sent there are permanently removed from circulation. The address is: terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu.

• Send LUNC Tokens: From your Terra Classic wallet, initiate a transaction sending the desired amount of LUNC to the burn address.

4. Stay Informed and Track Burn Progress

Keeping up-to-date with the latest developments and tracking the progress of the burn can help you understand its impact.

Resources:

• LUNC Burn Trackers: Websites like LuncScan and LUNC Metrics provide real-time data on the total amount of LUNC burned and other relevant statistics.

• Community Updates: Participate in community forums and follow official announcements to stay informed about any changes to the burn mechanisms or tax rates.

5. Consider the Implications

While burning tokens can contribute to reducing the total supply, it’s essential to understand that the impact on the token’s price depends on various factors, including overall demand, market conditions, and broader ecosystem developments. Always exercise caution and consider the broader context when participating in token burns.

By following these steps, you can actively participate in the LUNC burn process and contribute to the community’s efforts to manage the token’s supply.

• Current Price: $102,852
• 24h High: $104,088
• 24h Low: $94,587
• The price is currently trading near its recent all-time high in the timeframe displayed, signaling strong upward momentum.
#BTC☀ $BTC
Key Observations & Predictions
1. Bullish Momentum:

• The chart shows a series of higher highs and higher lows, which is a classic bullish trend. This is further supported by the moving averages (EMA) being aligned in a positive formation (shorter EMA > longer EMA).

• If the momentum continues, $105,000 could act as the next resistance level, while $100,000 serves as a strong psychological support.

2. Volume Analysis:
• Increasing trading volume suggests more participation in the market, which supports sustained price growth. If volume declines while prices increase, a pullback may occur.
3. RSI in Overbought Zone:
• With an RSI of 78.90, BTC is overbought, indicating that the price could consolidate or experience a slight correction before moving higher.

• A healthy pullback to $100,000 or $97,000 would still maintain the bullish trend.
4. Potential Scenarios:

• Bullish Continuation:
If the price breaks above $104,088, BTC could rally toward $110,000 as momentum traders and FOMO buyers enter the market.

• Correction Scenario:

Overbought conditions might trigger a pullback to $97,000-$98,000, where buyers could step in again.

Broader Crypto Market Context

1. Psychological Milestones:
• Breaking above $100,000 has tremendous significance in the crypto community, as it validates BTC’s strength and increases public interest in the asset.

2. Market Sentiment:
• With BTC hitting new highs, other cryptocurrencies (altcoins) could follow suit in a broader market rally. Historically, Bitcoin’s strong performance often leads to “alt-season.”
3. Macro Drivers:
• Institutional adoption, global inflation concerns, or regulatory advancements like Bitcoin ETFs could be driving this rally.
• Positive news could amplify this trend, while negative news could trigger corrections.

My Prediction

In the short term (1-2 weeks):
• BTC is likely to test $105,000-$110,000 if momentum persists.

In the medium term (1-2 months):
• After a potential correction, BTC could target $120,000-$130,000, assuming no major negative market news.
Let’s dive into key resistance and support levels for BTC in USD and a portfolio strategy tailored to this market.

BTC Key Levels to Watch
Resistance Levels
• $104,088 (Recent High): Immediate resistance; breaking this opens the door to higher levels.
• $105,000: A psychological barrier; breaking this could trigger a rally toward the next target.

• $110,000-$115,000: Mid-term target; this zone could attract profit-taking.

Support Levels
• $100,000 (Psychological Support): Strong base; buyers are likely to step in if prices dip.

• $97,000-$98,000 (EMA Support): This range aligns with key moving averages, making it a technical safety net.

• $91,500-$92,000: A deeper support zone; a break below this might signal a trend reversal.
Portfolio Strategy for Current Market

1. Dollar-Cost Averaging (DCA)

• If you’re building a long-term position, invest a fixed amount periodically, regardless of price.
• Example: Invest $1,000 every week, irrespective of whether BTC is rising or falling.
2. Momentum Trading
• Entry Point: If BTC breaks $104,000 with strong volume, consider entering for a short-term trade targeting $110,000.

• Exit Strategy: Take profits near key resistance levels like $105,000 and $110,000.
• Use stop-loss orders around $99,000 to protect against unexpected downturns.

3. Prepare for Corrections

• If BTC retraces to $97,000-$98,000, this is a strong re-entry zone for long-term holders.

• Avoid panic selling if BTC dips, as corrections in a bull market are normal and healthy.

4. Hedge with Stablecoins

• Convert a portion of your portfolio into stablecoins (like USDT) after significant gains. This ensures liquidity to buy during dips.

5. Diversify into Altcoins

• New Bitcoin highs often lead to altcoin rallies. Allocate 10-20% of your portfolio to promising altcoins like ETH, SOL, or others you’re tracking.

6. Watch Macro Events
• Stay alert to global financial news or crypto regulations. For example:

• Positive Bitcoin ETF announcements → Boost prices further.

• Negative government crackdowns → Could lead to temporary drops.
Tips for Tracking BTC Price Action

1. Set Alerts:
• Use Binance or any trading app to set alerts at $105,000 (upside) and $98,000 (downside).

2. Follow Indicators:

• RSI: Monitor if RSI moves closer to 70 (overbought cooling off).

• MACD: Look for bullish crossovers to confirm upward momentum.

3. News Monitoring:

• Stay updated on institutional activities like ETF approvals or large-scale purchases (e.g., by MicroStrategy or Tesla).