A broadly adopted digital asset dealer and analyst is predicting an enormous fall in value 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 accordance 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 an enormous 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 in my view.”

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Supply: AltcoinSherpa/Twitter

Regardless of the collapse of the unique Luna ecosystem, LUNC is closely traded and consistently options among the many prime ten most traded crypto property 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 accordance with a current report, Interpol has issued an international-wanted-persons discover for Kwon on behalf of South Korean prosecutors.

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