With a value increase of 50.58% Friday, Terra Classic (LUNC) surprised everyone by emerging as one of the top 100 gainers in the cryptocurrency market. LUNC has been rising for four days in a row and has increased by 77.36% over the past week.
The idea of the tax proposal to decrease the token supply may have motivated the LUNC surge. The 1.2% tax will be imposed on all LUNC transactions, including wallet interactions and smart contracts, if the plan is approved.
However, investors are being cautioned by a well-known cryptocurrency analyst about an altcoin that has increased by almost 330% since August. The trader known as Crypto Capo claims that Terra Luna Classic (LUNC), the stablecoin issuer Terra’s (LUNA) renamed version, is bad news and that investors should avoid it.
The price of LUNA collapsed in May because its stablecoin lost its peg to the US dollar, losing more than 99.9% of its value. Capo’s charts predict that LUNC will see a significant crash soon.
What about BTC and ETH?
The analyst then offers bearish targets for a few digital assets, including Bitcoin (BTC). The biggest cryptocurrency asset by market capitalization, according to Capo, is expected to rise to a price range of $22,500 to $23,000 after regaining support near $19,600.
According to the analyst’s chart, somewhere in October the king cryptocurrency will plunge into the “buy zone” of $14,000 to $16,000. As for Cardano, the price will increase to about $0.55 before dropping to about $0.35 in the middle of September.
The important altcoin Ethereum (ETH), according to the analyst, will also follow a similar path. According to his charts, the top smart contract platform will increase to $1,800 before falling to the $1,350 range.
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