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

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 recent decision to cut interest rates by 0.50% 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.

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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.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.