A preferred digital asset dealer and analyst is forecasting a large worth drop for a closely traded cryptocurrency.
Pseudonymous crypto analyst and dealer altcoin Sherpa tells its 183,500 Twitter followers that the unique utility token of the collapsed Luna ecosystem, Luna Traditional (LUNC), can be “destroyed.”
In response to altcoin Sherpa, it may solely purchase LUNC within the short-term, ideally when it falls to the important thing Fibonacci ranges of 0.5 (50%) and 0.618 (61.8%).
“LUNC: Nonetheless a large shitcoin, I’d solely scalp lengthy 0.50 and 0.618. Look greater for potential shorts; This may ultimately develop into Hades nuclear. Do not buy this for the long run in my view.”
Regardless of the collapse of the unique Luna ecosystem, LUNC is closely traded and persistently ranks among the many prime ten most traded crypto property by quantity. On the time of writing, LUNC was the ninth most traded crypto asset, seeing roughly $745 million in buying and selling quantity over a 24-hour interval.
Within the final 30 days, LUNC is up over 120%. On the time of writing, LUNC is buying and selling at $0.000279, having risen about 121% from the $0.000126 low it hit on Aug. 31.
Altcoin Sherpa’s dire prediction for LUNC coincides with information that the founding father of the collapsed Luna ecosystem, Do Kwon, is needed by the police. In response to a current report, Interpol has issued an internationally needed individual for Kwon on behalf of the South Korean prosecutor’s workplace.
Do not miss a factor – Signal as much as obtain crypto e-mail alerts straight to your inbox
Test the value motion
Comply with us on Twitter, Fb and Telegram
Surf the Day by day Hodl Combine
Test the most recent headlines
Disclaimer: Opinions expressed at The Day by day Hodl are usually not funding recommendation. Traders ought to do their due diligence earlier than making any dangerous investments in bitcoin, cryptocurrency or digital property. Please notice that you simply switch and commerce at your personal threat and any losses you incur are your duty. The Day by day Hodl doesn’t advocate the acquisition or sale of cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please notice that The Day by day Hodl participates in affiliate marketing online.
Featured picture: Shutterstock/LongQuattro/BAYU SODIKIN