Crypto Trader Says An Altcoin That Has Exploded 120% This Month Is Going Nuclear – Here’s His Target
A widely followed digital asset trader and analyst is predicting a massive price drop for a widely traded cryptocurrency.
Pseudonymous cryptoanalyst and trader Altcoin Sherpa says his 183,500 Twitter followers that the original tool of the collapsed Luna ecosystem, Luna Classic (LUNC), “is going to nuke.”
According to Altcoin Sherpa, he can only buy LUNC in 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 shitcoin, I’d just long for 0.50 and 0.618 as scalps. Look higher for potential shorts; this one is going to nuke to hades eventually. Don’t buy this long term in my opinion.”
Despite the collapse of the original Luna ecosystem, LUNC is heavily traded and is consistently among the top ten most traded cryptoassets by volume. At the time of writing, LUNC was the ninth most traded crypto-asset, having recorded approximately $745 million in trading volume over a 24-hour period.
Over the past 30 days, LUNC has risen over 120%. At the time of writing, LUNC is trading at $0.000279, having gained approximately 121% from the low of $0.000126 it reached 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 has issued an International Wanted Persons Notice for Kwon on behalf of South Korean prosecutors.
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Featured Image: Shutterstock/LongQuattro/BAYU SODIKIN
