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.
Terraform Labs (TFL), the company behind the Terra ecosystem, announced its Chapter 11 bankruptcy hearing will begin on September 19 after confirming the dates in August. Now, the hearing has officially commenced in the United States Bankruptcy Court for the Southern District of Texas.
Terraform Labs filed for Chapter 11 bankruptcy protection on May 5, 2023, following the collapse of the Terra ecosystem in early May 2022. The bankruptcy filing includes TFL and two of its U.S. subsidiaries, Terraform Labs Inc. (TFLI) and符號科技公司（STC）。
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.
As part of the agreement, TFL will be liquidated and will burn all of its coins, including LUNC and USTC, by October 30, 2024. After that, the community will decide the fate of the chain.
Terra Luna Classic Chain Completes v3.1.5 Upgrade
The Terra Luna Classic chain completed the v.3.1.5 upgrade on September 15, bringing several improvements to the network.
According to the chain upgrade proposal, the upgrade includes the following changes:
* WebAssembly (Wasmd) will receive critical fixes for stability and performance.
* Transaction efficiency will be improved by optimizing the code in the tx processing module.
* The code will be made ready for the Tax2Gas implementation, which is expected to follow in v.3.2.
LUNC Price to Rally 50% Before Hearing?
Terra Luna Classic (LUNC) began the week in the green, trading at $0.00008452 after a 2.2% gain in the last 24 hours. The price appears to form a bullish continuation pattern (ascending triangle) on the daily time frame chart ahead of the hearing that could propel LUNC price by 50%.
The higher lows are forming on the daily time frame chart as the price attempts to break through the overhead resistance multiple times. A bullish pattern is forming on the daily time frame chart ahead of the hearing and could propel LUNC price by 50%.
A bullish continuation pattern (ascending triangle) is forming on the 4-hour time frame chart after the price bounced off the ascending trendline support on September 13. The pattern has been forming for the last 11 days.
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.
On the other hand, 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.
Terra Luna Classic price is showing strength in the last few days of the bullish trend that started in early August. The support and resistance are tested multiple times on the lower time frames.
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.
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