A extensively adopted digital asset dealer and analyst is predicting a large fall in worth for a closely traded cryptocurrency.
Pseudonymous crypto analyst and dealer Altcoin Sherpa tells his 183,500 Twitter followers that the unique utility token of the collapsed Luna ecosystem, Luna Basic (LUNC), is “going to nuke.”
In keeping with Altcoin Sherpa, he can solely purchase LUNC for the brief time period, ideally if 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 lengthy on the 0.50 and 0.618 as scalps. Look increased for any potential shorts; this one goes to nuke to hades finally. Don’t purchase this for the long run for my part.”
Regardless of the collapse of the unique Luna ecosystem, LUNC is closely traded and always options among the many prime ten most traded crypto belongings by quantity. On the time of writing, LUNC was the ninth most closely traded crypto asset, having recorded buying and selling volumes of roughly $745 million over a 24-hour interval.
Over the previous 30 days, LUNC has soared by over 120%. On the time of writing, LUNC is buying and selling at $0.000279, having gained roughly 121% from the low of $0.000126 it hit on August thirty first.
Altcoin Sherpa’s bleak prediction for LUNC coincides with the information that the founding father of the collapsed Luna ecosystem, Do Kwon, is being sought by the police. In keeping with a current report, Interpol has issued an international-wanted-persons discover for Kwon on behalf of South Korean prosecutors.
Do not Miss a Beat – Subscribe to get crypto e-mail alerts delivered on to your inbox
Examine Price Action
Comply with us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Every day Hodl usually are not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any loses it’s possible you’ll incur are your accountability. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please observe that The Every day Hodl participates in internet affiliate marketing.
Featured Picture: Shutterstock/LongQuattro/BAYU SODIKIN
