The LUNC price went parabolic on Dec. 5, reaching its highest level since Nov. 3 even as the broader crypto market pulled back.
Summary
– LUNC price rose more than 40% on Friday despite a market dip.
– Do Kwon will be sentenced in the U.S. on Dec. 11.
– LUNC’s burn rate jumped by about 849 million tokens in the past seven days.
Terra Luna Classic (LUNC) climbed to a high of $0.000042, roughly 72% above its lowest level this month. The move occurred amid rising futures open interest and sharply higher on-chain activity.
Trading activity spiked: 24-hour volume rose about 910% to $112 million, and futures open interest increased to $5.46 million, the highest since Nov. 28 — a sign of growing demand from derivatives traders.
Part of the rally may reflect traders positioning ahead of Do Kwon’s sentencing on Dec. 11. Kwon pleaded guilty to conspiracy to commit commodities fraud, securities fraud, and wire fraud; legal observers say he faces decades in prison given the scale of investor losses.
Burn activity has also accelerated. Around 849 million LUNC were removed from circulation over the past week, pushing cumulative burns above 426 billion. Binance remains the largest burner, having destroyed more than 75 million tokens and pledging to burn trading-fee proceeds.
Terra Luna Classic is the community-run continuation of the original Terra network after the 2022 collapse. The project remains governed by community votes on proposals and protocol changes.
Technical analysis
LUNC bottomed at $0.0000255 this week and rebounded to about $0.000042 after forming a small double-bottom. The token has moved above its 50-day moving average, and indicators like the Relative Strength Index and Percentage Price Oscillator are trending higher.
If momentum continues, bulls may target resistance near $0.000050 — a level seen as a former intraday low in February, April, and June. A break-and-retest at that level could either confirm upside continuation or precede a resumed downtrend if buying interest fades.
