Terra Classic [LUNC] witnesses major shift in sentiments: Is AI the reason
- LUNC staking increased, as did positive sentiments around the network.
- AI could be a major reason for this surge, but investors have to wait longer for a bull run.
Terra Classic [LUNC], which was a hot topic of discussion a few months back, has once again made it to the limelight. LUNC staking reached the 960 billion mark again with a ratio of over 14%.
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$LUNC STAKING is back at 960Billion
Ratio 14.01% . #LUNC #LunaClassicHQ pic.twitter.com/xS4aCDvW09
— LunaClassic HQ 🌕 ™ (@LunaClassicHQ) March 26, 2023
Read Terra Classic’s [LUNA] Price Prediction 2023-24
The actual surprise was the massive drift in the overall market sentiment around LUNC. Santiment’s chart revealed that LUNC’s weighted sentiments drifted swiftly towards the positive side, despite its negative price action. This was interesting to note, as the market was dominated by bearish sentiments.
According to CoinMarketCap, LUNC’s price registered a decline of over 4% in the last seven days. At the time of writing, it was trading at $0.0001241 with a market capitalization of over $731 million.
The hype around artificial intelligence
A few weeks back, AI became a big deal in the crypto space as all the AI-related tokens flourished, such as FETCH [FET]. The token also registered a price increase of 114% in February 2023.
LUNC’s recent change in sentiment can also be attributed to the AI hype. Edward Kim, a LUNC developer, hinted that Terra Classic could become an AI blockchain in the coming months, causing LUNC enthusiasts to become bullish.
Kim mentioned in a blog:
“I have developed a custom machine learning Cosmos module that interacts directly with the Layer-1 infrastructure to tap into the compute power beyond the consensus layer.”
He further added that LUNC users will have access to a suite of the most recent machine learning developments thanks to interchain block communication (IBC) and interchain accounts.
Interest in LUNC spikes
Traders have placed more interest in LUNC, which was evident from the spike in LUNC’s volume on 26 March.
Not only that, Cosmos Daily, a popular Twitter account that posts updates related to the Cosmos ecosystem, revealed in a 27 March tweet that LUNC ranked third on the list of most traded Cosmos IBC tokens in the last seven days.
⚛ Most Traded @cosmosibc Tokens Last 7D 🚀$ATOM @cosmos $FET @fetch_ai $LUNC @terrac_money $LUNA @terra_money $INJ @Injective_$KAVA @KAVA_CHAIN$USTC @terrac_money $BAND @bandprotocol $CRO @cronos_chain$OSMO @osmosiszone #IBCGang #Cosmonauts @coingecko pic.twitter.com/trYzYCfbcX
— Cosmos Daily ⚛️ (@CosmosATOMDaily) March 27, 2023
How much are 1,10,100 LUNCs worth today?
The bulls are not yet convinced
At press time, investors could still expect LUNC’s price to plummet further, as suggested by its daily chart. The Exponential Moving Average (EMA) Ribbon pointed out a bearish upper hand in the market as the 20-day EMA was well-below the 55-day EMA.
Terra Classic’s Relative Strength Index (RSI) and Money Flow Index (MFI) were both below the neutral mark, further increasing the chances of a continued downtrend. However, the MACD supported the buyers as it displayed a bullish crossover on 18 March.