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June 18, 2024
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Terra Classic (LUNC) Is About To See A Massive Price Drop Amidst Increasing Volatility, Per Analyst

The post Terra Classic (LUNC) Is About To See A Massive Price Drop Amidst Increasing Volatility, Per Analyst appeared first on Coinpedia Fintech News

After yesterday’s huge volatility, the crypto market appears to have calmed down today as the world’s first cryptocurrency, Bitcoin, has jumped above the $19,000 level. At the time of publication, Bitcoin is selling at $19,443 with a surge of 2.29% over the last 24hrs.

It’s just not Bitcoin, even altcoins that were hit worse, have regained some positive movements today. Among such altcoins is Terra Classic (LUNC) which is one of the most talked about due to the fall of the network’s previous chain LUNA. Terra’s LUNC had spiked by 7% in the early hours today before plunging.

However, one of the crypto analysts and traders is claiming a massive price crunch for Terra Classic (LUNC). The analyst who is anonymously known through his Twitter account, Altcoin Sherpa informs his 183,500 followers that the Terra Classic (LUNC) is all set to experience a massive downfall. Terra Classic (LUNC) was introduced after Terra (LUNA) collapsed in the month of May.

Terra Classic (LUNC) Price Crunch Soon

Altcoin Sherpa states that he will think of LUNC purchase only if the key Fibonacci drops below 0.5 (50%) and 0.618 (61.8%). He also says that this will be a short-term buy.

After the network’s original Terra (LUNA) collapsed and the present Terra Classic (LUNC) was introduced, there were speculations that LUNC won’t last long. However, LUNC is one of the most heavily traded assets as the currency has recorded nearly $745 million in the last 24hrs.

At the time of writing, Terra Classic (LUNC) is trading at $0.000278 after a fall of 0.45% over the last 24hrs. However, the currency has risen from its low of $0.000126 on August 31st.

Also after Terraform Labs co-founder, Do Kwon received red notice from Interpol, there were many opinions formed that pointed towards Terra Classic’s (LUNC) downward journey.

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