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- LUNC developers hint at an AI App chain, possibly launching in May.
- Terra Classic may break the consolidation to turn bullish.
- The projected rally may lay the foundation for a bigger price target.
Terra Classic chain’s primary developer, Edward Kim, unveiled via screenshots the whitepaper for the Block Entropy AI chain. The disclosure of Terra Classic getting its first AI-powered application chain awestruck several people. Although the details are blurry, Kim did mention about the TestNet playground to be released to the public by May.
The TestNet playground is said to be a simulation tool that allows users to test and explore, and will only support a small subnet of machine learning inference tasks. The new integration can establish a bullish market for Terra Classic and make LUNC price soar to higher price levels.
The Pictorial
LUNC price forms a consolidation channel after a price drop for three consecutive trading sessions, which marked a decline of more than 15%. The range-bound movement tests the support near $0.00010765 several times. The current price action occurs beneath the EMA ribbon to indicate prevailing bearish momentum.
The trading volume suggests a decline in investor participation and selling pressure present in the market. The current price moves in the initial level of Fib retracements. LUNC price is projected to reach beyond $0.0001700 after the AI integration. The Bollinger Bands move parallel to indicate a sideways movement that lacks volatility. A flat OBV indicates a neutral market for Terra Classic.
The Super Trends mark a bearish movement as LUNC price undergoes consolidation. The downtrend can be breached and transformed to bullish soon, taking leverage of the new development. The CCI marks a negative difference between the historical prices and LUNC price at press time. The MACD nears a contraction and records descending seller bars, indicating at concluding sellers’ regime. The RSI moves near the floor range to suggest a seller-driven market at present.
The Peephole
In the four hour time frame, LUNC price moves horizontally to display selling pressure. The Super Trends suggest the last stages of bearish momentum, which can be taken over by the bulls. The CCI marks a negative difference between present price and historical prices. The MACD forms a pessimistic crossover and records ascending seller bars in the region below the zero-histogram mark. The RSI moves in the 40-range to mark a seller-dominant market.
Conclusion
Terra Classic developer has made a disclosure regarding the AI powered application chain via Twitter. The integration can bring a bullish momentum to LUNC price and break the consolidation channel. The holder can rely on the support near $0.00010765, and watch the prices break out in future.
Technical levels
Support levels: $0.00010765 and $0.00010150
Resistance levels: $0.00012690 and $0.00014605
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
