The LUNC price has been highly volatile this week as investors waited patiently for the upcoming Do Kwon sentencing in the United States and as the community continues voting on two proposals. Terra Luna Classic token was trading at $0.000060 to3, Dec. 11, down sharply from this month’s high of $0.00008060.
Do Kwon Sentencing and Key Community Vote
The LUNC price remained under pressure as investors waited for the upcoming Do Kwon sentencing in the United States.
A Polymarket poll shows that Kwon will receive a sentence of between 9 years and 12 years. Prosecutors have called for a 12-year sentence, while the defense has asked for no more than 5, noting that he has already spent over three years in prison, including in Montenegro.
The judge will likely consider the fact that Do Kwon faces an additional 40 years in prison in South Korea, which will likely happen after he finishes his service in the United States. The two countries have an extradition treaty, and South Korea has already charged him with similar crimes.
Do Kwon’s sentencing will have no direct impact on LUNC, a stablecoin that has become highly decentralized. However, it may see some more volatility now that it is making headlines.
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Terra Luna Classic Community Votes Continues
Meanwhile, the LUNC price is in the spotlight as a vote to upgrade the network to v3.6.1 continues. This upgrade will see the network upgrade the terrad client to 3.6.1, which will happen after the successful launch at its testnet last month. Its goal is to keep the Terra Classic chain modern and secure.
Voting data shows that the community vote has passed, with yes voters securing over 52^ of the vote. This means that the upgrade will happen on December 18.
Meanwhile, the community is also voting on designating Agora as the official forum for the Terra community. 21% of the votes so far have agreed on this proposal, while 22% have voted no and 45% have abstained.
LUNC Price Technical Analysis
The daily timeframe chart shows that the LUNC price has done well in the past few days as it jumped from a low of $0.00002558 to a high of $0.00008060. This surge mirrored that of other Do Kwon-linked tokens like Terra Luna 2.0 and USTC.
Terra Luna Classic price has remained above the 50-day and 100-day Exponential Moving Averages (EMA). It also rose above the important support level at $0.000050, its lowest level in June this year. The Average True Range (ATR) soared to the year-to-date high, a sign of high volatility.
Therefore, the most likely LUNC price forecast is bearish, with the initial target being at 0.000050. A drop below that level will point to more downside after the Kwon sentencing happens.
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