A widely followed digital asset trader and analyst is predicting a massive drop in price for a heavily traded cryptocurrency.
Pseudonym cryptoanalyst and trader Altcoin Sherpa tell his 183,500 Twitter followers that the original utility token of the collapsed Luna ecosystem, Luna Classic (LUNC), is “going to explode.”
According to Altcoin Sherpa, he can only buy LUNC for the short term, preferably if it falls to the key Fibonacci levels of 0.5 (50%) and 0.618 (61.8%).
“LUNC: Still a massive crap coin, I’d just long for the 0.50 and 0.618 as scalps. Look higher for any potential shorts; this one is going to end up destroying the hades. Don’t buy it for the long term in my opinion .”
Despite the collapse of the original Luna ecosystem, LUNC is heavily traded and consistently ranks among the top ten most traded crypto-assets by volume. At the time of writing, LUNC was the ninth most traded cryptoasset, with trading volumes of approximately $745 million over a 24-hour period.
Over the past 30 days, LUNC has risen more than 120%. At the time of writing, LUNC is trading at $0.000279, having gained approximately 121% from the $0.000126 low it hit on August 31st.
Altcoin Sherpa’s gloomy prediction for LUNC coincides with the news that the founder of the collapsed Luna ecosystem, Do Kwon, is wanted by the police. According to a recent report, Interpol issued an International Wanted Persons Notice for Kwon on behalf of South Korean prosecutors.
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