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LCX Incorporates LunarCrush Social Indicators

Carlos Park by Carlos Park
8th September 2020
3 min read
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One undeniable fact about cryptocurrency is that it is a volatile market. Price swings of double digits are common, making assets like Bitcoin and Ethereum attractive for day traders. While some speculators require only price action to make an educated trade, others use a more comprehensive sample size of sentiment. The desire to provide a complete arrangement of data for trading has resulted in  LCX and LunarCrush partnering to deliver just that. 

The Lichtenstein Cryptoasets Exchange (LCX) partnered with LunarCrush in June of this year to share and refine their services. The latest development has been to integrate LunarCrush’s “Social Signals” tab to the LCX terminal. This will provide terminal users real-time data, including LunarCrushs’ Galaxy Score, Alt Rank, and other social signals which can offer valuable data points.

Social Signals

Cryptocurrency enthusiasts are a social group. Projects will typically use messaging services like Telegram or Discord to create chat rooms to talk about announcements, price, and updates. The chatter often spills over to Twitter, where accounts with large followings spread it to a broader audience. This activity around the market will also spike around large price swings and industry announcements. By scraping specific words, phrases, and volume, LunarCrush quantifies social sentiment and presents it in a readable fashion. 

LunarCrush

Founded with a desire to provide a novel way of measuring sentiment in the market, LunarCrush focuses on “providing clarity around community activity.” It offers a suite of tools and APIs to help investors make informed decisions in the speculative cryptocurrency space.

LunarCrush aggregates several sentiment indicators to deliver its “Galaxy Score,” which is an algorithmic combination of price, social sentiment, social impact, and correlation rank. It can give users a possible edge, as a lower/higher social sentiment may be a predictive indicator of an incoming change in price. For example, a strong negative feeling and corresponding Galaxy Score can indicate incoming sell volume across numerous exchanges. 

All of LunarCrushs’ social indicators are also available on Trading View charts, allowing traders to incorporate this data throughout a trading session. Currently, these social indicators are not available on other trading platforms.

Here’s where you can see the Social Signals in action.

Future Collaboration

As per their agreement, LCX and LunarCrush will continue to work together on technology improvements. Their next project will be to provide information on security tokens and other tokenized assets. LCX is in a unique position to offer insights into security tokens as it has a consulting service to allow companies and institutions to create their own.

LunarCrush integration is available on free LXC accounts.

Twitter – https://twitter.com/lcx

Telegram – https://t.me/JoinLCX

*Disclaimer – LCX is our Media Partner, and therefore this content is sponsored by them.

Tags: LCXLunarCrushsocial media
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Carlos Park

Carlos Park

Carlos has been actively involved in cryptocurrencies since 2014 and since then has authored multiple articles and reviews, edited podcasts, and acted as an advisor for several projects related to blockchain technologies.

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