A popular analyst, FatMan who investigated the whole LUNA-UST crash, deep to its roots and bought may evidence against the founder and his team, has now warned his followers to not rush in to accumulate LUNC.
As per the analyst, many investors are currently jumping on the moving train, while the market conditions could be much shaky which may impact the LUNC price very soon. And hence the LUNC price may not sustain at the gained levels for long.FatMan refers to the LUNC burn trade which is assumed to explode soon.
In such cases, when users asked whether it is a better option to short LUNC, the analyst’s reply was pretty negative. While he claims to own 0 (ZERO) LUNC tokens, does not recommend any short trade either at the moment. He believes that reducing the supply is the only thing one can do to boost the price.
“For disclosure, I do not own LUNC nor do I have any long/short positions, and for clarity, I would not recommend taking any positions here. It’s just there are far too many crypto-illiterate people being misled-reducing supply only works if the quantity demanded remains steady,”
While TerraClassic (LUNC) price has been highly consolidated since the early trading hours, may be undergoing a slight correction after a monstrous rally. The LUNC price currently trades at $0.0005039 with a huge drop of 13.42% in the past 24 hours after a huge jump of 123.04% in the past seven days.