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

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As a seasoned analyst with over two decades of experience in the ever-evolving cryptocurrency market, I’ve seen my fair share of ups and downs. The Terra Luna Classic (LUNC) situation presents an intriguing opportunity for potential gains, given its recent price surge and upcoming events.

Over the past month and a half, the value of Terra Luna Classic has been steadily climbing, indicating the project’s possibility of revisiting its yearly highs from before. Today is a significant day for Terra Luna Classic supporters as they eagerly anticipate the Chapter 11 bankruptcy hearing. Furthermore, the U.S. Fed’s recent move to reduce interest rates by 0.50% has fueled discussions about a potential surge in cryptocurrency markets. Could we see a revival in the price of LUNC?

Bankruptcy Hearing Could Supercharge Terra Luna Classic Price

As an analyst, I’m sharing that Terraform Labs (TFL), the organization responsible for the Terra ecosystem, has set the commencement of their Chapter 11 bankruptcy proceedings for September 19, following the confirmation of these dates.

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

The hearing to verify the plan for the Chapter 11 bankruptcy of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) has been scheduled for September 19, 2024 at 10:00 a.m. (Eastern Time).

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

The hearing plays a vital role in dissolving both Terraform Labs Pte Ltd and Terraform Labs Limited, enabling the company to undergo restructuring. Following the signed agreement between TFL and the SEC, TFL agreed to pay a compensation of $4.5 billion and initiated the liquidation proceedings.

Terra Labs (TFL) no longer exists as a company and plans to destroy or ‘burn’ all their issued cryptocurrencies, such as LUNC and USTC, by October 30, 2024.

During this interim period, the Terra Luna Classic blockchain successfully implemented the v3.1.5 update. This upgrade is expected to address issues in the wasmd, improve transaction efficiency, and prepare the chain for the implementation of Tax2Gas.

In the past day, the price of LUNC has risen by 2.2%, currently standing at $0.00008452. A positive trend is emerging on the daily chart prior to the upcoming hearing, which might potentially boost Terra Luna Classic’s price by approximately 50%.

LUNC Price Analysis: $0.000013 Next If This Resistance Breaks

The price of Terra Luna Classic has been steadily increasing since early August, indicating a positive trend. This upward trajectory is reinforced by the slope of the supporting line, hinting at a potentially bullish short-term outlook. The rising trendline serves as an essential dynamic support, currently approximately $0.000080, with additional robust support found around $0.000075.

From another perspective, at 0.000095, horizontal resistance has been tried and tested several times without being surpassed. This level continues to serve as a significant hurdle for any further bullish momentum. If we manage to break through 0.000095, potential long-term goals could be anywhere between 0.000120 and 0.000135.

It seems like the cost of Terra Luna Classic is shaping up as an optimistic continuation pattern, specifically an ascending triangle. The lower highs in contrast to the horizontal resistance indicate that a breakout towards higher prices is probable if the price surpasses $0.000095 with growing trading volume.

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

Any instances where price action approaches the upward trendline could provide excellent opportunities for accumulation, since these spots offer a less risky entry point for those aiming for long-term investments.

If the price of LUNC falls below $0.000080, it would contradict the current optimistic pattern, potentially establishing new lower thresholds around $0.000075, $0.000065, and $0.000054.

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2024-09-19 07:48