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LUNC reacts to upcoming staking milestone in this manner, details inside

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Crypto market reacts to upcoming LUNC staking milestone in this manner
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  • LUNC staking crossed the 950 billion mark. 
  • LUNC’s price increased in the last 24 hours, and indicators looked bullish. 

Terra Classic [LUNC] is on track to reach a new milestone in terms of staking, and it might soon reach 1 trillion. At the time of writing, LUNC staking had already crossed the 995 billion mark, which was a praiseworthy achievement in itself. 

Read Terra Classic [LUNC] Price Prediction 2023-24

This development took place right before the much awaited launch of LUNC v1.0.5, which was a topic of discussion ever since Binance [BNB] announced that it would support the upgrade.

As per Binance, the network upgrade would take place at the Terra Classic block height of 11,543,150, which was estimated to take place on 14 February. This upgrade would fix a state-breaking bug in the upgrade keeper, which keeps track of the modules’ current version maps in application memory. 

How did the token respond?

LUNC was quick to respond to this update, as it registered gains in the last 24 hours. As per CoinMarketCap, LUNC’s price increased by 1.33% in the last day, and at press time, it was valued at $0.0001696 with a market capitalization of more than $1 billion. The market response also looked optimistic for LUNC, as the market indicators suggested an upcoming bullish rally.

For instance, the Money Flow Index (MFI) was resting above the neutral mark, which was bullish. LUNC’s Chaikin Money Flow (CMF) also registered an uptick. The Bollinger Bands suggested that LUNC’s price was about to enter a high volatility zone, increasing the chances of a further uptrend.

Interestingly, the Exponential Moving Average (EMA) Ribbon displayed an ongoing battle between the bulls and the bears, with the possibility of the former emerging victorious considering the other indicators. However, the Relative Strength Index (RSI) supported the bears as it was below the neutral mark. 

Source: TradingView

How much are 1,10,100 LUNCs worth today?

LUNC outperforms LUNA 

With the recent uptrend, LUNC outperformed Terra [LUNA]. Moreover, as LUNC staking keeps increasing and with the launch of the new network upgrade, there is a possibility of this trend continuing further in the coming weeks.

However, negative sentiments around LUNC decreased considerably over the last month, reflecting investors’ faith in the token. After a decline, LUNC’s development activity also increased, which can be because of the upcoming upgrade. Additionally, LUNC was also the third most-traded Cosmos IBC token in the last seven days.

Source: Santiment

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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