Popular Crypto Strategist Issues Severe Warning on Embattled Altcoin That’s Exploded by Over 330% in a Month
As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.
Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase
A widely followed crypto analyst is warning investors about the altcoin, which is up more than 330% since August.
A pseudonymous trader known as Crypto Capo tells His 510,000 Twitter followers believe Terra Luna Classic (LUNC), a rebranded version of stablecoin issuer Terra (LUNA), is bad news and should be avoided by investors.
“How many people do you think will fall for the LUNC scam again?
My advice: stay away from it.”
LUNA crashed in May after its stablecoin decoupled from the US dollar, causing its price to lose over 99.9% of its value. According to Capo’s charts, LUNC is headed for a massive crash in the next few days.
The cryptocurrency is currently trading at $0.000439 at the time of writing, down 16.46% on the day, but up a whopping 337% since the start of August.
Analyst gives bearish outlook on a handful of digital assets, including Bitcoin (BTC).
Capo forecast that the top crypto-asset by market cap will rise to the $22,500-$23,000 range after regaining support near $19,600.
“We got another bullish confirmation at $19,600 retracement on strong volume.
The price is now at resistance and may rise a bit, but I think it will rise to the main target of $22,500-$23,000 these days.
The analyst’s chart shows that he believes the king crypto will drop into the $14,000-$16,000 “buy zone” sometime in October.
Bitcoin is currently trading at $21,290, up 9.8% on the day.
Capo also sees the smart contract platform Cardano (ADA). His analysis shows that Cardano will rise to around $0.55 before falling to the $0.35 range in mid-September.
Cardano is currently valued at $0.52, up over 7% in the last 24 hours.
Analyst too notes that the most popular altcoin Ethereum (ETH) follows a similar pattern. His charts show the leading smart contract platform rising to $1,800 before diving to $1,350.
“[Stop/loss] was triggered at zero level. Return to this store with better [risk ratio]. Same goal ($1,800).
ETH is changing hands at $1,717 at the time of writing.
Don’t Miss a Beat – Subscribe to receive encryption email alerts straight to your inbox
Check price Take action
Follow us TwitterFacebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and trades are at your own risk, and any losses are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Leszek Glasner/Sensvector