Terra Luna Classic Price Eyes 50% Surge Ahead of Bankruptcy Hearing Today

Highlights

Terra Luna Classic price eyes 50% gains to $0.000013 amid general market recovery.
Terraform Labs (TFL) Chapter 11 bankruptcy hearing commences today.
TFL will burn all of their coins, including LUNC and USTC, by October 30, 2024.

The Terra Luna Classic price has been gradually increasing over the last month and a half, showing the project’s potential to regain previous yearly highs. Today is a crucial day for the Terra Luna Classic community as it awaits the Chapter 11 bankruptcy hearing. Moreover, the U.S. Fed’s interest rate cut has sparked speculation about a potential crypto rally. Will LUNC price see a comeback?

Bankruptcy Hearing Could Supercharge Terra Luna Classic Price

Terraform Labs (TFL), the company behind the Terra ecosystem, announced its Chapter 11 bankruptcy hearing will begin on September 19 after confirming the dates.

Important Notice for the Terra Community regarding the Plan Confirmation Hearing:

The Plan Confirmation Hearing in the Chapter 11 bankruptcy cases of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) has been set to September 19, 2024 at 10:00 a.m. (ET).

For more…

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) August 21, 2024

The hearing is crucial in the winding down of Terraform Labs Ptw Ltd and Terraform Labs Limited and will allow the company to restructure. With the agreement signed between the TFL and the SEC, the former agreed to pay $4.5 billion in compensation and began the liquidation process.

TFL is now gone as a company, and they will burn all of their coins, including LUNC and USTC, by October 30, 2024.

In the meantime, the Terra Luna Classic chain completed the v.3.1.5 upgrade, which should provide fixes for the wasmd, transaction efficiency, and preparedness for the Tax2Gas implementation.

LUNC price has increased by 2.2% in the last 24 hours and is trading at $0.00008452. A bullish pattern is forming on the daily time frame chart ahead of the hearing and could propel Terra Luna Classic price by 50%.

LUNC Price Analysis: $0.000013 Next If This Resistance Breaks

Terra Luna Classic price action shows an uptrend that started in early August. The upward-sloping support suggests a bullish trend in the short term. The ascending trendline is an important dynamic support, currently around $0.000080, with stronger support at $0.000075.

On the flip side, the horizontal resistance at $0.000095 has been tested multiple times but hasn’t been broken yet. It remains the main barrier to bullish continuation. Above that, $0.000120–$0.000135 are potential long-term targets if the breakout above $0.000095 occurs.

Terra Luna Classic price appears to form a bullish continuation pattern (ascending triangle). The higher lows against the horizontal resistance signal that a breakout towards the upside is likely if the price closes above $0.000095 with increasing volume.

Any pullbacks near the ascending trendline are great accumulation points, as they would be a lower-risk entry point for long-term holds.

If the LUNC price breaks below this $0.000080 level, it would invalidate the current bullish setup, setting new lower targets around $0.000075, $0.000065, and $0.000054.

Frequently Asked Questions (FAQs)

1. What impact could the bankruptcy hearing have on Terra Luna Classic price?

The bankruptcy hearing could serve as a catalyst for LUNC price, as it allows TFL to restructure and move forward. The completion of the hearing may boost investor confidence and contribute to a price rally, especially if the bullish patterns observed in the market hold.

2. What changes are being implemented in the Terra Luna Classic ecosystem?

The Terra Luna Classic chain recently completed the v.3.1.5 upgrade, which aims to improve transaction efficiency and prepare for upcoming implementations like Tax2Gas.

3. Should you invest in LUNC?

Investors should monitor price movements closely, particularly near the ascending trendline around $0.000080, which serves as a potential accumulation point. A break below this level may signal a bearish trend, while a close above $0.000095 could indicate bullish momentum.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

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