A widely followed crypto analyst is warning investors about an altcoin that has surged more than 330% since August.
The pseudonymous trader known as Crypto Capo recount his 510,000 Twitter followers that he thinks Terra Luna Classic (LUNC), the rebranded version of stablecoin issuer Terra (LUNA), is bad news and investors should steer clear.
“How many people do you think fall for the LUNC scam again?
My advice: avoid it.
LUNA crashed in May after its stablecoin broke away from the US dollar, causing its price to lose more than 99.9% of its value. According to Capo’s maps, LUNC is expected to experience a massive crash in the next few days.
The crypto asset is currently moving for $0.000439 at the time of writing, down 16.46% on the day but a massive 337% increase since early August.
The analyst goes on to give a bearish outlook for a handful of digital assets, including Bitcoin (BTC).
capo predicted that the best crypto asset by market cap will climb higher in the $22,500-$23,000 range after recovering support near $19,600.
“We got the second bullish confirmation with a recovery of $19,600 with strong volume.
The price is currently at resistance and might pull back a bit, but in my opinion it will go higher these days, all the way to the main target of $22,500-$23,000.
The analyst’s chart indicates that he thinks the crypto king will dip into the $14,000-$16,000 “buy zone” in October.
Bitcoin is currently moving for $21,290, a gain of 9.8% on the day.
Capo is also targeting the Cardano (ADA) smart contract platform. His analysis shows that Cardano will reach around $0.55 before plunging into the $0.35 area in mid-September.
Cardano is currently valued at $0.52, up over 7% in the last 24 hours.
The analyst also Remarks this top altcoin Ethereum (ETH) will follow a similar pattern. Its charts indicate that the leading smart contract platform will hit $1,800 before plunging into the $1,350 range.
“[Stop/loss] was triggered at equilibrium. Return to this profession with a better [risk ratio]. Same goal ($1,800).
ETH is changing hands for $1,717 at the time of writing.
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