Terra Luna Surges Following v2.18 Network Upgrade
In a dramatic turn of events, Terra Luna, the decentralized payment network, has surged 29% in the last 24 hours and nearly 100% over the past week. The significant rally comes on the heels of a major v2.18 network upgrade that addressed key bugs, boosted efficiency, and spurred trading volume to over $200 million.
Binance, among other major exchanges, temporarily paused Terra Luna deposits and withdrawals to ensure a seamless upgrade process, emphasizing the growing interest and trust in the network’s future development.
Do Kwon’s Sentencing Sparks Renewed Interest
Adding to the momentum, founder Do Kwon’s upcoming sentencing on December 11 has caught the attention of traders and investors. Kwon, who pleaded guilty to charges related to the infamous $40 billion Terra crash, faces a potential sentence of up to 12 years. This heightened scrutiny has led to a spike in volatility across all Terra-related tokens as the market braces for further developments.
LUNA’s Price Rebound and Technical Outlook
The LUNA token has witnessed intense buyer activity after forming a recovery candle at the $0.098 mark. It now trades around $0.1247 after briefly pulling back due to selling pressure. Analysts suggest that if buyers can break through the $0.1276–$0.1300 resistance zone, the token could rally further to $0.1400, and potentially revisit highs of $0.1644.
However, caution remains as RSI levels indicate mixed signals, with the possibility of a dip if selling pressure escalates.
Terra Luna Classic Token Burns Drive Sentiment
A critical factor contributing to Terra’s renewed bullish sentiment is the ongoing burn of Terra Luna Classic (LUNC) tokens. Developers and platforms, including Binance, have collectively burned 1.57 billion LUNC in just the last week alone, bringing the total burned supply to 428 billion out of the 6.47 trillion circulating supply. This aggressive deflation strategy has lifted LUNC’s price by 160% before stabilizing at $0.000052.
An Essential Crypto Tool for Traders
For those looking to track developments in Terra Luna and other crypto assets, Ledger Nano X is an ideal crypto hardware wallet. Known for its security and ease of use, it’s perfect for safely storing and managing diverse crypto investments.
As always, it’s essential to stay informed and conduct thorough research before making investment decisions.
