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.
According to the analyst, many investors are currently jumping in the moving train while the market conditions could be very volatile which could affect the LUNC price very soon. And hence the LUNC price may not be able to sustain at the achieved levels for a long time. FatMan refers to the LUNC burn trade which is believed 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 the sake of clarity, I would not recommend taking any positions here. It is just that a lot of crypto-illiterate people being misguided—reducing supply only works when the quantity demanded remains constant.”
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.
