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Highlights
- TFL will sell Pulsar Finance, Station, Warp, and Enterprise.
- Bankruptcy proceedings continue as TFL prepares to burn all its funds.
- The Terra Luna crypto project will be fully handed over to the community.
Terra Classic Price: The price of LUNC increased by 0.8% in the last 24 hours to trade around $0.00007172. While this increase is anticipated to be part of a larger upside move, market participants are hesitant due to Terraform Labs (TFL) plans to sell four companies. Can the asset secure gains amid bearish sentiments?
Terra Classic Price: Falling Channel May Result in A 40% Upside Move
LUNC price is currently trending inside a falling channel, below the 21-day, 50-day, and 200-day simple moving averages (SMA). The price of LUN found support around $0.00006655 and bounced off it. LUNC is expected to rise 40% in the short term since it’s at the bottom of the falling channel. This will propel it to $0.0001, which coincides with the middle of the channel.
If the LUNC price breaks above the mid-level, it may add another 67% to reach $0.00017. On the flip side, if Bitcoin misbehaves, LUNC may break below the channel and find support lower around $0.00005646.
The Chaikin Money Flow (CMF) is below the zero level but heading up, which signals decreasing sell pressure. The LUNC relative strength index (RSI 14) is at 37, just above the oversold (OS) area, and heading up. This shows increasing buy momentum, which will be confirmed once the indicator crosses above the mid-point (50).
The moving average convergence divergence (MACD) flashed a bullish crossover on the daily time frame, indicating that the trend may change from bearish to bullish. However, the MACD is still below the zero line, which signals the presence of some selling pressure.
Can LUNC Price Rise Above Terraform Labs Selling 4 Companies?
Following the TFL announcement on July 9 that it will sell four of its companies, LUNC’s price dropped 40%. Nevertheless, market participants have also hypothesized that the fall may have been attributed to the Bitcoin sell-off.
The sale of Pulsar Finance, Station, Warp, and Enterprise is part of TFL’s operations to wind down the company and maximize value for its creditors, as per the settlement terms with the U.S SEC.
Bankruptcy proceedings continue as TFL prepares to burn all its funds. The Terra Luna crypto project will be handed over to the community, which has existed since the blockchain crashed.
Market speculation is that the community will be able to revive the fallen blockchain to its former glory, as has been the trend in other community takeover (CTO) projects.
Bottom Line
Terra Classic (LUNC) is poised for a potential 40% price surge, capturing investor attention amid Terra Labs’ announcement to sell four of its companies. This planned divestiture, coupled with growing market interest, creates a complex scenario in which LUNC’s price could see significant movement.
Frequently Asked Questions (FAQs)
1. Which companies is Terra Labs Selling?
2. Who is the founder of terra labs?
3. Where did Do Kwon go?
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