A widely followed digital asset trader and analyst is predicting a massive fall in price for a heavily traded cryptocurrency.
Pseudonymous crypto analyst and trader Altcoin Sherpa tells his 183,500 Twitter followers that the original utility token of the collapsed Luna ecosystem, Luna Classic (LUNC), is “going to nuke.”
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 shitcoin, I would only long at the 0.50 and 0.618 as scalps. Look higher for any potential shorts; this one is going to nuke to hades eventually. Don’t buy this for the long term in my opinion.”
Despite the collapse of the original Luna ecosystem, LUNC is heavily traded and constantly features among the top ten most traded crypto assets by volume. At the time of writing, LUNC was the ninth most heavily traded crypto asset, having recorded trading volumes of approximately $745 million over a 24-hour period.
Over the past 30 days, LUNC has soared by over 120%. At the time of writing, LUNC is trading at $0.000279, having gained approximately 121% from the low of $0.000126 it hit on August 31st.
Altcoin Sherpa’s bleak prediction for LUNC coincides with the news that the founder of the collapsed Luna ecosystem, Do Kwon, is being sought 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
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