Concerns rise over LUNC’s price as Bitcoin (BTC) continues to pump and dump intermittently. Tobias “Zaradar” Andersen, a former member of Terra Rebels is among those to share their price expectations for LUNC, citing the prevailing market conditions.
Recall that BTC pumped above $28k on Wednesday following the release of the U.S. Consumer Price Index (CPI) — 4.9 — which was lower than expected. In a matter of minutes, it fell to $26,777 on the same day. Altcoins including LUNC plummeted massively as a result.
Zaradar, who said the BTC fake out and momentary high sell pressure was a result of some whale activities added that all other coins could dump harder if the king crypto continues in the downtrend.
LUNC Could Retest All-Time Low
According to Zaradar, Bitcoin is yet to find strong support, predicting that the asset could drop lower if whales continue to play games in the unregulated crypto market.
“Looks like we might be headed for 22,500 if this selling pressure keeps up. Hopefully regulation will save us all from this madness one day,” Anderssen tweeted.
In particular, he said Terra Classic (LUNC) could retest its all-time low if the prevailing high selling pressure takes the BTC price to the $22,500 zone. “Consequently if BTC goes to $22,500. LUNC is going to retest its ATL and LUNA is most likely going to 50 cents or less,” he added. According to Coinmarketcap data, LUNC has an all-time low of $0.00001675.
Consequently if BTC goes to 22500. LUNC is going to retest its ATL and LUNA is most likely going to 50 cent or less
— Tobias Andersen (@ZaradarBH) May 10, 2023
Andersen’s prediction implies that LUNC could drop by 81% from its current price at the time of writing if Bitcoin hits the said level. This means that LUNC could pump instead if Bitcoin consolidates sooner to resume a surge toward $30k. Other factors such as the full recovery of assets stolen from Terraport could also put LUNC in the upward direction.
At press time, the Terra Classic native token is down 13.26% in the past seven days but up 1.23% in the last 24 hours.
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