Terra Luna Classic (LUNC) Price Rose for the Second Consecutive Day as Token Burn Activity Accelerated This Week

Terra Luna Classic (LUNC), the remnant of the collapsed Terra network, reached an intraday high of $0.00009217, bringing its market cap to $500 million.

Terra Luna Classic (CRYPTO: LUNC) price rose on Friday, continuing its rally for the second day as token burn activity picked up steam this week.

What Happened: Terra Luna Classic (LUNC) price reached an intraday high of $0.00009217,راضية a market capitalization of $500 million, according to Binance.

The rally comes as U.S. election results showed a significant win for Donald Trump, which could lead to changes in crypto regulation. Most cryptocurrencies rallied, with Bitcoin (CRYPTO: BTC) retesting its all-time high and the total market capitalization of all coins reaching $2.5 trillion.

Crypto traders are expecting Trump to appoint crypto-friendly officials to lead the Securities and Exchange Commission, with names like Hester Peirce, who is currently an SEC official, being proposed.

LUNC price also surged following a sharp increase in token burns. Total burned tokens surged to 388.533 billion, with 137 billion tokens burned this week alone, according to LUNCMetrics.

The spike in token burns comes after Terraform Labs announced the closure of the Shuttle Bridge as part of its settlement with U.S. regulators in its Chapter 11 bankruptcy proceedings.

Terra Community, Following our previous announcement, the Shuttle Bridge interface has now been permanently closed. As part of this process, all remaining tokens in the Shuttle Bridge wallets have been burned to complete the shutdown. Thank you for your attention and… https://t.co/bOjAWRDElH

The Shuttle Bridge previously allowed users to send their LUNC and USTC tokens bridged to Ethereum, BNB Chain, and Harmony back to Terra Luna Classic. Remaining tokens were burned, moving them to an irrecoverable address.

Terra Luna Classic Technicals: Despite recent gains, LUNC’s technicals are mixed. A rising wedge pattern, which is usually a bearish indicator, has formed on the daily chart.

LUNC trades slightly below its 50-day and 200-day Exponential Moving Averages. The MACD and Relative Strength Index have both shifted to neutral.

Additionally, LUNC has formed a bearish pennant pattern. This setup indicates a potential bearish breakout, which could push the price down to $0.000054, its lowest level on Aug. 5. A move above the key resistance level at $0.00010 could signal further gains.