A widely-followed crypto trader is expressing bullish sentiment on one altcoin that has surged by triple digits in a fortnight.
Pseudonymous crypto analyst Altcoin Sherpa tells his 182,700 Twitter followers that based on the Fibonacci indicator, Luna Classic (LUNC) will continue rallying on the condition that Bitcoin (BTC) and Ethereum (ETH) “hold up.”
LUNC is the predecessor of the Terra (LUNA) blockchain, also known as Terra 2.0.
“LUNC: Use Fibonacci extensions for pausing points in my opinion. Parabolic run, I’m guessing this continues for a bit as long as BTC and ETH hold up.”
Luna Classic opened at $0.000106 on August 24th and closed at $0.000379 on September 6th, a 257% gain. Luna Classic is trading at $0.000345 at time of writing, while its successor Terra (LUNA) is exchanging hands at $1.83.
The Luna Classic rally is coming after a proposal to reward LUNC holders who failed to get the correct allocation of the LUNA airdrop with a new airdrop passed. The initial airdrop was mooted after the collapse of the original Terra ecosystem in May. The collapse of the original Terra ecosystem was sparked by the failure of its flagship stablecoin TerraClassicUSD (USTC) which de-pegged from the USD dollar.
Altcoin Sherpa also looks at the smart contract-enabled blockchain Fantom (FTM). According to the crypto trader, Fantom has found short-term support at around $0.2396 but could fall by over 20% from current levels later.
“FTM: Haven’t looked at this shitcoin in a while, wouldn’t be surprised to see sub $0.20 eventually. If BTC and ETH hold/go up, this is the short-term bottom though.”
Fantom is trading at $0.246 at time of writing.
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