Terra Classic (LUNC) price is experiencing a downturn after several weeks of market recovery. This decline coincides with a broader downward movement in the cryptocurrency sector. Many digital currencies are now showing signs of a bearish trend. The drop in LUNC’s value aligns with significant developments at Terraform Labs, preparing for a Chapter 11 bankruptcy plan hearing this September.
Terra Classic Price Decreases as Court Date Nears
Terra Classic price fluctuates as the pivotal September 19, 2024 court date approaches. Earlier this year, Terraform Labs sought Chapter 11 bankruptcy protection amid financial strains in January. This legal move began a complex phase for the cryptocurrency entity.
Recently, a significant development unfolded as Terraform Labs agreed to a massive $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC). This agreement was part of the restructuring efforts under the U.S. bankruptcy code. A related entity, Terraform Labs Limited, also entered bankruptcy in July.
The upcoming Delaware court hearing will decide the fate of Terraform Labs’ restructuring plan. This decision is eagerly awaited by investors and observers within the crypto community, who are keen to see how the saga unfolds.
Can LUNC Price Recover From Recent Drop?
Over the past 24 hours, the Terra Classic (LUNC) cryptocurrency has experienced a noticeable decline. As of the reporting time, the LUNC price is trading at $0.00008085, with a decrease of 4.79%. This downward trend is evident from the day’s high of $0.00008553 to a low of $0.00008031.
Recent data from Santiment reveals interesting trends in the cryptocurrency market, particularly for Luna Classic (LUNC) and stablecoins. The chart features two lines: the red line shows the price of LUNC, which exhibits notable volatility.
The green line tracks the stablecoin supply held by major investors, known as “whales”, which also fluctuates but follows different patterns. A notable peak in whale possession of stablecoins in early July contrasts sharply with the more gradual LUNC price changes. This suggests complex interactions between large stakeholders and cryptocurrency valuations.
The daily technical indicators for LUNC/USDT on Binance have shown significant fluctuations. The Moving Average Convergence Divergence (MACD) indicator converges positively. This might suggest increasing buying momentum. The MACD line crosses above the signal line, a bullish signal for potential investors. The Relative Strength Index (RSI) is 50.78, indicating a neutral market.
Market trends indicate a promising outlook for Terra Classic, which could soon surpass the $0.0001 resistance level. Overcoming this barrier may set the stage for a rise to $0.0002.
Further gains could potentially elevate LUNC to $0.0003, especially following developments from the Terraform Labs Chapter 11 bankruptcy hearing. This shift in the market positions Terra Classic favorably for future growth.
The post Terra Classic Price Plunge Ahead of Terraform Labs Bankruptcy Hearing: What Next for LUNC? appeared first on CoinGape.
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