Terra Classic (LUNC) saw a slight increase in price on November 5th, reaching $0.000086. This recovery happened after Terra announced the permanent closure of the Shuttle Bridge interface, which burned the remaining LUNC and USTC tokens in the bridge. The Shuttle Bridge had been opened to facilitate the redemption of existing wrapped tokens, allowing users to send LUNC and USTC to Ethereum, BNB Chain, and Harmony back to Terra Classic.
This closure was part of Terraform Labs’ Chapter 11 bankruptcy proceedings and its settlement with the Securities and Exchange Commission. With the Shuttle Bridge now closed, Terra Luna Classic (LUNC) faces a bearish outlook. The price has formed a double-top pattern around $0.00025, causing it to drop by 65% from its highest level in March.
The current price is below the 78.6% Fibonacci Retracement level, the 50-day Weighted Moving Average indicator, and the Ichimoku cloud. LUNC has formed two bearish chart patterns, a rising wedge and a bearish pennant, suggesting a potential bearish breakdown in the near term. If this occurs, the next reference level to watch is $0.000054, its August lows, and 38% below the current level.
On the other hand, if LUNC moves above the crucial resistance level at $0.00011, its highest swing in September, the bearish view will be invalidated, and the price may rise to the next key resistance level at $0.00013, its highest level in May. In summary, the Shuttle Bridge closure has led to a significant drop in Terra Luna Classic’s value, and technical indicators suggest a continued bearish trend in the near future.
