$LUNC #sui #lunc After a week of notable declines in Terra Luna Classic (LUNC) value, the altcoin has sparked hopes of a potential revival. Recently, buyers have boldly capitalized on LUNC’s price dip, establishing robust support and forcing the price into an upward correction. Nonetheless, concerns are rising over a possible pause in the recovery rally, as sentiment could quickly shift if buyers encounter low confidence near Fibonacci channels.

LUNC’s Open Interest Gains Momentum

In recent weeks, Terra Luna Classic community has been making significant moves in its burning mechanism. LUNC community has successfully burned 76.04 billion LUNC, achieving a new milestone in their sustained efforts to curtail the circulating supply of LUNC since May 18, 2022. Binance has burned an impressive 38.81 billion LUNC, contributing to nearly 50% of the total LUNC burned thus far.

On average, the community burns 440 million LUNC weekly, while Binance dispatches billions to the burn address through its monthly LUNC burn procedure. In the 14th installment of the LUNC burn mechanism on October 1, Binance burned in excess of 1 billion LUNC tokens, pushing the total LUNC obliterated by the cryptocurrency exchange to a monumental 38.81 billion to date. This is the main reason behind LUNC price gaining buying confidence.



Examining from an on-chain viewpoint, LUNC’s open interest experienced a $50K reduction on October 9, due to its 2-month price low. Nevertheless, the OI metric has since rebounded, recording an uplift of over $30K from the previous day’s standing, indicating a rise in futures positions due to a spike in price volatility.