Top Crypto Trader Says Altcoin That Has Exploded 250% In Two Weeks Will Continue Parabolic Run – Here’s His Target
A widely followed crypto trader expresses bullish sentiment on one altcoin that has gained triple digits in a fortnight.
Pseudonymous cryptoanalyst Altcoin Sherpa says his 182,700 Twitter followers that based on the Fibonacci indicator, Luna Classic (LUNC) will continue to rally under the assumption that Bitcoin (BTC) and Ethereum (ETH) “hold up.”
LUNC is the predecessor of the Terra (LUNA) blockchain, also known as Terra 2.0.
“LUNC: Use Fibonacci extensions for break points in my opinion. Parabolic run, I guess this will continue for a bit as long as BTC and ETH hold.”
Luna Classic opened at $0.000106 on August 24th and closed at $0.000379 on September 6th, a gain of 257%. Luna Classic is trading at $0.000345 at the time of writing, while its successor Terra (LUNA) is changing hands at $1.83.
The Luna Classic rally comes after a proposal to reward LUNC holders who failed to get the correct allocation of the LUNA airdrop with another airdrop. The first airdrop was featured after the collapse of the original Terra ecosystem in May. The collapse of the original Terra ecosystem was triggered by the failure of the flagship stablecoin TerraClassicUSD (USTC) to be decoupled from the USD dollar.
Altcoin Sherpa is also looking at the smart contract-enabled blockchain Fantom (FTM). According for the crypto trader, Fantom has found short-term support around $0.2396, but could drop over 20% from today’s levels later.
“FTM: Haven’t looked at this shitcoin in a while, wouldn’t be surprised to see below $0.20 eventually. If BTC and ETH hold/go up, this is the short-term bottom though.”
Fantom is trading at $0.246 at the time of writing.
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Featured image: Shutterstock/Tithi Luadthong/Iryna_Khomenko
