According to the former Terra Classic L1 team member, LUNC could plummet to its all-time low (ATL) value if the prevalent selling pressure drops Bitcoin (BTC) to $22,500.
Tobias Andersen, a senior software developer, and former Terra Classic layer-1 team member, believes LUNC could retest its all-time low should the prevalent selling pressure plaguing the market batter Bitcoin (BTC) to the $22,500 price territory.
In a recent tweet, Andersen, commonly known as “Zaradar,” made this assertion while calling attention to the growing concern surrounding Bitcoin’s current price movements.
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
Zaradar’s comments came from a sudden BTC price spike, which immediately preceded a massive 5% drop within one hour. The asset eventually plummeted to a 7-week low of $26,777 yesterday. The developer called attention to the fact that these fakeouts unfavorable affect other assets.
For context, a fakeout occurs when an asset gives a false signal of a price breakout, leading to a sudden price reversal, which can cause traders to suffer losses.
Material Indicators, a crypto analytics account, recently noted that BTC aced immense selling pressure this week. An unidentified wallet sent out a whopping 9,800 BTC yesterday, eliciting concerns. The wallet was previously ascribed to the US government, but these claims have been debunked.
Zaradar forecasted further declines in Bitcoin’s price should this selling pressure persist. He said the market could revisit the mid-March lows around $22,500. He asserted that if this happens, LUNC could retest its ATL, and Terra (LUNA) could collapse to $0.50.
LUNC Has Gained by 10% in 2 Days
Notably, LUNC’s all-time low price stands at $0.00001675 – a value it dropped to in the wake of the Terra implosion last May. LUNC is currently trading for $0.0000901. Plummeting to $0.00001675 would mark a massive 81% decline from its current value.
LUNC is currently down 6.10% in the past 24 hours. It bears mentioning that the asset successfully bucked the overall market trend yesterday, closing the day with a 4.27% increase, while BTC and other assets registered losses. LUNC has increased by 10% in the past two days despite BTC facing consecutive losing sessions in the past five days.
The Terra Classic community remains committed to the project’s revitalization plan. As previously reported by The Crypto Basic, the L1 team recently submitted a proposal to implement a chain upgrade to v2.0.1 as they move closer to parity with Cosmos and Luna 2.0.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
