- Terra Luna Classic price has soared to its highest point since January last year.
- The futures open interest has rocketed higher, a sign of FOMO.
- The burn rate has continued to supercharge in the past few weeks.
Terra Luna Classic price has been in a strong uptrend in the past few weeks, making it one of the best-performing coins in the crypto industry. LUNC token jumped for five consecutive weeks, reaching its highest point since January last year. It has now soared by 380% from its December 2022 low.
Terra Luna Classic Price Jumps as Key Catalysts Align
The LUNC token has soared even as Bitcoin and Ethereum have stalled below key resistance levels. This rally has occurred amid ongoing investor speculation, which has driven Fear of Missing Out (FOMO).
For example, according to CoinMarketCap, it was the second-most-searched coin on its platform over the last 24 hours. At the same time, its daily volume has jumped sharply, reaching $210 million, which is half its market capitalization.
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Data shows that futures open interest has soared over the past few weeks, rising from a low of $5.7 million in April to $20.2 million today. This growth is a sign that investor demand is rising this week, a trend that may continue in the foreseeable future.
Meanwhile, the LUNC token burn has accelerated in the past few weeks. Data shows that over 2.16 billion tokens have been incinerated in the last 7 days, bringing the total burn to 446 billion. This has left the circulating supply at 6.45 trillion. A token burn boosts an asset’s price by reducing the amount in circulation.
For starters, Terra Luna Classic is the remnant of Terra, a network that collapsed in 2022, costing investors over $40 billion in assets. After the collapse, the community took over its operations and has been attempting to make it viable again. On the other hand, Do Kwon and the team launched Terra 2.0 to reboot its operations.
LUNC Price Prediction: Technical Analysis
The weekly timeframe chart shows that the LUNC price bottomed at $0.00001637 on October 6 to the current $0.000086. This rally has accelerated in the past few weeks and is now hovering at its highest point in months.
The token has moved above the crucial resistance of $0.0000807, its highest point in December last year. It has moved above all moving averages, while the Average Directional Index (ADX) has moved to over 20.
Therefore, the most likely scenario is where the coin retreats in the near term as bulls start taking profits. If this happens, the next key target to watch will be at $0.000060. On the other hand, a move above the $0.0000096 resistance will invalidate the bearish outlook.
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