LUNA’s Terra v2.5 Upgrade Signals Renewed Bullish Momentum

In a recent announcement, Terra (LUNA) developers unveiled the approval of Recommendation 4785. Consequently, the much-anticipated update to Terra v2.5 has secured the green light from the vibrant community.

Additionally, this transformative phase is slated to transpire at block height 7316000 on Wednesday, October 18, 2023, at 15:04 UTC. However, there will be a brief pause in the chain’s operations to facilitate the seamless transition to the upgrade.

Moreover, this update is more than routine since it paves the way for integrating Cosmos SDK 47. This integration not only supports ABCI 1.0 but also bestows official recognition upon the CosmWasm module. Besides, the Protocol-Owned Builder (POB) module, an ingenious creation by Skip Protocol, now finds a place in the system.

This feature enables developers to carve out a distinct path. In addition, it helps them determine how their applications mold and affirm blocks on-chain. This step is achieved in a manner that’s both transparent and binding.

From Classic Roots to Modern Triumphs

Significantly, this update comes after LUNA experienced a sharp price decline. This downturn was attributed to the collapse of its algorithmic stablecoin, UST. After this incident, the former chain adopted the moniker Terra Classic (LUNC). Hence, this newest transformation will be gracing the LUNC network.

However, every innovation has its share of skeptics. Some users have voiced concerns regarding the new features, primarily since they are yet to gain traction on other chains within the Cosmos ecosystem. However, in response to these apprehensions, a Terra developer sagely remarked that LUNA is not one to follow but to lead.

LUNA Technical Analysis

The bullish trend in the Terra (LUNA) market was robust in the previous 24 hours until bulls retraced after failing to surpass the intra-day high of $0.4326. Despite the retreat, overall sentiment is positive since the bulls have managed to keep a sturdy support level above $0.4079.

This level of support has been tested many times and has stayed firm, showing significant buying interest at that price. If the bears break through the $0.40 support level, the next level to monitor is around $0.385. On the upside, a break above the intra-day high of $0.4326 might signify a continuation of the bullish momentum and lead to a new resistance around $0.45.

Despite a 1.47% drop in market capitalization to $167,609,216 during the bull run, LUNA’s 24-hour trading volume increased by 14.60% to $39,919,869. This higher trading volume demonstrates increased interest and activity in LUNA, indicating investors remain optimistic about its prospects.

In conclusion, Terra (LUNA) embarks on an exciting journey with its transformative upgrade, ready to lead the way despite skeptics’ concerns. Bullish sentiment and community support set the stage for a promising future.