A widely followed crypto trader expresses bullish sentiment on an altcoin that has surged to triple digits in a fortnight.
Pseudonymous crypto analyst Altcoin Sherpa recount its 182,700 Twitter followers who, based on the Fibonacci indicator, Luna Classic (LUNC) will continue to rally provided Bitcoin (BTC) and Ethereum (ETH) “hold on”.
LUNC is the predecessor of the Terra (LUNA) blockchain, also known as Terra 2.0.
“LUC: use Fibonacci extensions for breakpoints in my opinion. Parabolic run, I guess it goes on for a bit as long as BTC and ETH hold their own.
Luna Classic opened at $0.000106 on August 24 and closed at $0.000379 on September 6, a gain of 257%. Luna Classic is trading at $0.000345 at the time of writing, while its successor Terra (LUNA) is trading hands at $1.83.
The Luna Classic rally comes after a proposal to reward LUNC holders who failed to get the correct allocation from the LUNA airdrop with a new airdrop past. The initial airdrop was mooted after the original Terra ecosystem collapsed in May. The collapse of the original Terra ecosystem was triggered by the failure of its flagship stablecoin TerraClassicUSD (USTC) which broke away from the USD dollar.
Altcoin Sherpa is also reviewing the smart contract-enabled Fantom (FTM) blockchain. According for the crypto trader, Fantom found short-term support at around $0.2396 but could fall more than 20% from current levels later on.
“FTM: I haven’t looked at this shitcoin in a while, I wouldn’t be surprised to finally see less than $0.20. If BTC and ETH hold/rise, that’s the short-term bottom though.
Fantom is trading at $0.246 at the time of writing.
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