Terra Classic Price Prediction - Is LUNC Dead, Two Experts Predict 'Zero'
The day the Terra Classic price (LUNC) hit its 2022 top, two of the best crypto traders correctly predicted the bull run was over.
That was September 8th, when the LUNC price reached $0.000593 on Binance, and as of mid October LUNC is now trading over 50% lower, below the $0.0003 support level.
Light (@lightcrypto), who has 169,000 followers, tweeted: "Think LUNC burn trade is about to implode, momentum just broke, elevator down is a high possibility".
GCR (@GiganticRebirth), who has 187,000 followers, replied from his secondary account with a Hillary Clinton quote "that's right, zero". GCR famously won a $10 million bet against former Terraform Labs CEO Do Kwon, with his bearish Terra LUNA price prediction back in March.
Light, who runs a prop trading firm, then posted a long tweet thread a few days later with a mix of fundamental and technical analysis:
As well as predicting the Terra Classic price action would be a pump and dump - "pumped by hit-and-run developers and cynical exchange operators, all taking advantage of the hordes of retail looking to make it all back in one trade" he tweeted a few days later that LUNC would drop 90%+ to return to its origin, or lower.
Later that month, the LUNC price did crash 70% to $0.000179, although nothing goes down in a straight line (the Terra LUNA collapse in May was a black swan event caused by the circulating supply hyper inflating to 6.5 trillion).
For Light's prediction to play out - he charted a target of $0.00004, the yearly low of the new Terra Classic asset since the hard fork, hit on June 9th 2022 - the LUNC price would need to drop 84% from today's price.
Light's most recent tweet thread this month centres around Binance burning LUNC tokens, and how the 1.2% LUNC burn is not
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