LUNC Price Surges as Traders Brace for Do Kwon Verdict
The Terra Luna Classic token, which had been trading sideways for some time, rose to $0.00007129 today. This increase occurred as open interest in the futures market increased, and traders awaited Do Kwon’s punishment. The 24-hour figure increased by 579.17% to $763 million as a result of LUNC’s rise in a high-volume environment. The amount of open interest in its futures increased to $5.46 million, the most since November 28. More investor demand is indicated by an increase in open interest.
Why is LUNC Rising?
A possible explanation for the surge could be that traders are anticipating Do Kwon‘s sentencing, which is scheduled for December 11. He entered a guilty plea to counts of wire fraud, securities fraud, and conspiracy to conduct commodities fraud. Because of the severity of his crimes, which cost victims more than $40 billion, legal experts predict that he will spend decades behind bars. Kwon will go to prison together with other high-ranking cryptocurrency officials, including Changpeng Zhao and Sam Bankman-Fried.
The fact that additional tokens are being taken out of circulation lends greater credence to the continuous increase in LUNC prices. In the past seven days, approximately 849 million tokens have been burned, increasing the total number of burns to over 426 billion. With more than 75 million tokens burnt, Binance is still the largest burner. The platform has promised to spend all of the money it makes from trade.
LUNC Forms Bullish Double-Bottom and Surges Higher
The Terra Luna Classic token hit its lowest point this week at $0.0000255, according to the daily data. Thereafter, it made a significant recovery to reach the current value of $0.00007129. It created a tiny double-bottom pattern before this rebound. The fact that the token is presently above the 50-day moving average indicates that bulls are taking over. Leading oscillators have all pointed higher, including the Percentage Price Oscillator and the Relative Strength Index.
In the near future, the token is probably going to keep increasing. Bulls are aiming for the crucial barrier around $0.000050, which was this year’s lowest point in February, April, and June. When the hoopla subsides, the coin may restart its downward trend since such a move will create a break-and-retest pattern.
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