A widely followed crypto analyst is issuing a warning to investors about an altcoin that has surged over 330% since August.
The pseudonymous trader known as Crypto Capo tells his 510,000 Twitter followers that he believes Terra Luna Classic (LUNC), the rebranded version of stablecoin issuer Terra (LUNA), is bad news and that investors should steer clear from it.
“How many people do you think are falling for the LUNC scam again?
My advice: stay away from it.”
LUNA crashed in May after its stablecoin depegged from the US dollar, causing its price to lose over 99.9% of its value. According to Capo’s charts, LUNC is due for a massive crash in the coming days.
The crypto asset is currently moving for $0.000439 at time of writing, a 16.46% drop on the day but a massive 337% increase since early August.
The analyst goes on to give bearish outlooks for a handful of digital assets, including Bitcoin (BTC).
Capo predicts that the top crypto asset by market cap will climb to the $22,500 to $23,000 range after it reclaimed support near $19,600.
“We got the second bullish confirmation with a reclaim of the $19,600 with strong volume.
Price is at resistance now and could retrace a bit, but in my opinion it will go higher during these days, to the main target of $22,500-$23,000.”
The analyst’s chart indicates he believes the king crypto will dip into the “buy zone” of $14,000 to $16,000 sometime in October.
Bitcoin is currently moving for $21,290, a 9.8% gain on the day.
Capo also has his sights on smart contract platform Cardano (ADA). His analysis shows that Cardano will rise to around $0.55 before dipping to the $0.35 area in the middle of September.
Cardano is currently valued at $0.52, up over 7% in the past 24 hours.
The analyst also notes that top altcoin Ethereum (ETH) will follow a similar pattern. His charts indicate that the leading smart contract platform will rise to $1,800 before dipping into the $1,350 range.
“[Stop/loss] was triggered at breakeven. Re-entering this trade with a better [risk ratio]Same target ($1,800).”
ETH is changing hands for $1,717 at time of writing.
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Featured Image: Shutterstock/Leszek Glasner/Sensvector