LUNA Terra v2 5 Upgrade Indicates a Revived Bullish Trend

Crypto News– In a recent announcement, the Terra (LUNA Terra v2 5) development team proudly revealed the successful approval of Recommendation 4785. This exciting news marks a major milestone as the eagerly awaited LUNA Terra v2.5 upgrade has been given the green light by the enthusiastic Terra community.

LUNA Terra v2 5 Upgrade Indicates a Revived Bullish Trend

This significant transformation is scheduled to take place at block height 7316000 on Wednesday, October 18, 2023, precisely at 15:04 UTC. However, to ensure a smooth transition to the upgrade, a brief pause in the blockchain’s operations will be implemented. What makes this upgrade stand out is its integral role in the integration of Cosmos SDK 47. This integration not only supports ABCI 1.0 but also grants official recognition to the CosmWasm module. Furthermore, the innovative Protocol-Owned Builder (POB) module, developed by Skip Protocol, now becomes a part of the system.

This feature empowers developers to chart a unique path, allowing them to shape and validate on-chain blocks through their applications in a transparent and binding manner.

Evolution from Timeless Origins to Contemporary Victories

Notably, this update follows a significant downturn in LUNA’s price, which was largely attributed to the upheaval in its algorithmic stablecoin, UST. In the wake of this incident, the former chain rebranded itself as Terra Classic (LUNC). Consequently, this latest transformation is set to make its mark on the LUNC network.

Nevertheless, with every stride in innovation, there come the skeptics. Certain users have expressed reservations about the new features, particularly because they have yet to gain traction on other chains within the Cosmos ecosystem. However, in response to these concerns, a Terra developer wisely emphasized that LUNA is not a follower but a trailblazer.

LUNA Technical Analysis

The Terra (LUNA) market exhibited a strong bullish trend over the past 24 hours, although it witnessed a retracement as the bulls struggled to surpass the day’s high of $0.4326. Despite this pullback, the overall sentiment remains positive, as the bulls have effectively maintained a robust support level above $0.4079.

This particular support level has undergone multiple tests and has proven resilient, indicating substantial buying interest at this price point. In the event that the bears manage to breach the $0.40 support level, the next critical level to monitor hovers around $0.385. Conversely, if the bulls break through the intra-day high of $0.4326, it could signal a continuation of the bullish momentum, potentially leading to a new resistance level of around $0.45.