This year, there has been a lot of speculation as to where the crypto market might be headed. Especially since most cryptocurrencies on the market have dipped to prices multiple times their original values, and price explosions can happen anytime.
Over the past few months, one of the cryptocurrencies in the spotlight is the second version of the collapsed Terra ecosystem's native cryptocurrency, LUNC.
LUNC has been in the news for several months, ranging from the behavior, the sudden disappearance, and the Interpol manhunt for Terra Labs founder, Do Kwon.
LUNC today, however, is in the news for its price. Twitter crypto analyst and influencer under the pseudonym Altcoin Sherpa recently told all 184,000 of his followers on Twitter about what he thinks of LUNC in terms of price action.
According to Altcoin Sherpa, "LUNC is going to Nuke."
According to Sherpa, it is preferable to wait a while before buying the cryptocurrency in scalp trades. Ideally, if it falls to the 0.5 and the 0.618 Fibonacci levels.
Despite the crash of the original Terra ecosystem and all the FUD (fear, uncertainty, and doubt) surrounding this new version of LUNA, it is still a heavily traded cryptocurrency with recorded daily trading volumes that have reached as high as $745 million.
Asides from Altcoin Sherpa's ideas about the cryptocurrency, LUNC has also surged almost 120% in the last 30 days, hitting a low of $0.00025 around August 30
In mid-September, the price of LUNC surged upwards from $0.00017 and has been in consolidation ever since.
The RSI on the 4-hour timeframe also shows neutral conditions, meaning that the price of LUNC can either go up or down from this point.
However, the chart on this timeframe also shows that $0.000242 serves as a possible support level, holding the price up and may act as a springboard to launch the price of LUNC forward to the next resistance around the $0.0005 level.
What the chart currently looks like is a retest of the $0.000242 level after the breakout on September 26 and the consolidation that comes right after the trend to the upside
As Altcoin Sherpa has noted, it is reasonable to wait for the price of LUNC to form a clear pattern of its direction before buying.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)