Terra Luna Classic Price Surge: Bankruptcy Hearing Could Drive 50% Rally!

Terra has become one of the fastest-growing ecosystems in the crypto world, with LUNA being a key part of its network. LUNA could keep rising, as there is a strong market demand for Terra LUNA coins.

Recently, Terra Luna Classic (LUNC) has been on the verge of a potential 50% price jump, aiming for $0.000013. This anticipation comes ahead of Terraform Labs’ (TFL) crucial Chapter 11 bankruptcy hearing, starting today. This hearing could bring big changes, as TFL is expected to liquidate the company and burn all its coins, including LUNC and USTC, by October 30, 2024.

But what does this mean for LUNC investors? Read on to find out.

What’s Fueling LUNC’s Price Rally?

One of the main factors driving LUNC’s bullish momentum is the planned burn of all coins held by TFL. Reducing the supply could lead to a scarcity effect, boosting LUNC’s price as demand remains steady or grows. This aligns with a general market recovery, supported by the U.S. Federal Reserve’s recent decision to cut interest rates by 0.50%, which has fueled optimism for a potential rally in the broader crypto market. 

Another key development is the recent completion of the Terra Luna Classic chain’s v.3.1.5 upgrade, which improves transaction efficiency and prepares for the Tax2Gas implementation. These updates are boosting confidence in the project and could attract more investors before the bankruptcy hearing.

LUNC Price Prediction: Can It Break Out?

LUNC is currently trading at $0.00008452, up 2.2% in the last 24 hours. A bullish pattern is forming on the daily chart, suggesting a potential breakout toward $0.000013. But first, LUNC needs to overcome a major resistance level at $0.000095. If it does, prices could rise to between $0.000120 and $0.000135 in the longer term.

However, if LUNC fails to hold its current support level of $0.000080, the bullish outlook could be lost, and the price might drop to $0.000075, with further falls possible to $0.000065 and $0.000054. The outcome of the bankruptcy hearing will be critical for LUNC’s future.

Will This Buzz Lead to Real Gains?

While the market looks promising for LUNC, it’s worth noting that the price reaction to the Tax2Gas upgrade has been mild so far. LUNC was trading at $0.00008213, up less than 1% in 24 hours.

As the market waits, the question remains: will this hearing trigger major changes, or will the excitement fizzle out? Let’s see what Terra’s next move will be.

Also Check Out: Buy, Hold, or Sell: Solana (SOL) and Cardano (ADA) Price Fail To Break Trend! 

The countdown to the Terra Luna Classic price surge has begun. But will the market deliver, or will the hype prove to be empty promises?