Terra Luna Jumps 29% After Major Update
Terra Luna, a decentralized payments network, has taken the cryptocurrency world by storm with a remarkable 29% growth in the last 24 hours and a 100% increase over the week. But what exactly is fueling this meteoric rise? Let’s dive into the details behind Terra Luna’s recent surge.
Why Did Terra Luna Surge?
1. Successful Rollout of the Terra Chain v2.18 Upgrade
One of the primary reasons for the token’s recovery is the Terra Chain v2.18 upgrade, implemented on December 8. This upgrade focused on fixing critical bugs, enhancing network efficiency, and ensuring a seamless trading experience for its users. As a result, trading volumes skyrocketed, crossing the $200 million mark within hours of the upgrade.
In a show of support, major exchanges—including Binance—paused deposits and withdrawals temporarily to ensure the upgrade rolled out smoothly and enhanced the user experience.
2. Renewed Focus Around Do Kwon’s Sentencing
Another factor driving attention toward Terra Luna tokens is the sentencing of Do Kwon, the network’s controversial co-founder. Scheduled on December 11, the verdict follows his plea deal surrounding charges connected to the $40 billion Terra crash earlier this year. The market is closely watching this case, creating a wave of speculative trading around Terra-related tokens.
3. Ongoing Terra Luna Classic (LUNC) Burns
The burning of Terra Luna Classic (LUNC) tokens also contributed to the token’s rally. Binance and other stakeholders incinerated 1.57 billion LUNC tokens last week alone, bringing the total tokens burned to a whopping 428 billion. Such deflationary measures have bolstered demand and driven investor sentiment higher.
As a result, LUNC witnessed a 160% price rally before settling near $0.000052, reflecting the market’s confidence in the token’s long-term potential.
Technical Analysis and Price Predictions
After a sharp dip to $0.098, Terra Luna found solid buyer support, pushing it above $0.13. Currently trading near $0.1247, the token faces resistance in the $0.1276–$0.1300 range. Analysts suggest that a breakthrough above these levels could initiate a rally toward $0.1400, with potential highs of $0.1644 if market momentum persists.
On the downside, a drop below $0.1218 may initiate a retest of support at $0.1182 or even $0.1124. With an RSI hovering at 47.5, there’s still room for upward movement if buyers remain in control.
Stay Informed on Crypto Trends
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As Terra Luna continues its upward trajectory, market dynamics driven by legal updates, network enhancements, and token burns will remain in the spotlight. Whether you’re an investor or an observer, 2023 is set to be another exciting year for Terra and the broader cryptocurrency space.
