A widely followed crypto analyst has predicted a massive drop in price for a high-volume altcoin. Let’s take a look at the current technical analysis of Altcoin Sherpa, keeping in mind that the claims lack rigidity.
Altcoin Sherpa says boom is imminent after 120% rally
The analyst, with 183,000 Twitter followers, said he will “drop a nuclear bomb” for Terra Classic, his former LUNA. The analyst says that he will only hold LUNC in the short term due to the great risk. Sherpa says LUNA price is likely to drop to Fibonacci levels 0.5 (50%) and 0.618 (61.8%). LUNC is trading at $0.0002765 at the time of writing. Fib levels where Sherpa says to go long are at $0.00025201 and $0.00023541.
The analyst explains the details of the top chart he shared on September 27:
LUNC is still a big shitcoin, I would only go long at .50 and .618. You can look at higher levels for a random possible short; LUNA will eventually drop a nuclear bomb. In my opinion don’t buy absolute LUNC for long term.
As the chart below shows, the LUNC price rallied above 70% on September 26. It was the cause of the explosion that exchanges would burn tokens with a 1.2% cut from LUNC processes. Like many analysts, Sherpa says this rally was short-lived.
Despite the collapse of the Terra ecosystem, LUNC continues to record high process volumes. LUNC is still in the middle of the top ten most actively trading cryptocurrencies. At the time of writing, LUNC had a 24-hour process volume of approximately $745 million. Thus, it maintains its position as the ninth active cryptocurrency.
According to the data from GoinGecko, LUNC has gained more than 110% compared to the last 30 days. Currently, the base it reached on August 31 was trading at $0.000279, up about 121% from $0.00126.
LUNA founder Do Kwon in Interpol’s red notice
Bad news for LUNC from altcoin Sherpa, at the same time that Do Kwon, the founder of the crashed Luna ecosystem, is said to be wanted by the police. According to a recent report, Interpol has issued an international wanted notice for Kwon on behalf of South Korean prosecutors. International police agency Interpol is demanding that Do Kwon be found and arrested, according to a new report.
Bloomberg noted that South Korean prosecutors in Seoul confirmed that Interpol had placed a “red notice” on Kwon. However, Kwon denies running away, saying he made “zero effort to hide” on Twitter:
I go for walks and malls, none of the crypto Twitter has hit me for the past few weeks.
However, Kwon does not specify his true location, except to say that he “codes in the living room”.