Bullish Revival: LUNA's Terra v2.5 Upgrade Sparks New Momentum

Bombolo | News and Media

In an exciting revelation, the developers behind Terra (LUNA) have officially given the green light to Recommendation 4785, signaling a significant milestone in the evolution of Terra v2.5. Scheduled for action on Wednesday, October 18, 2023, at 15:04 UTC, at block height 7316000, this update will temporarily halt the chain's operations, paving the way for a seamless transition to the latest version.

What sets this update apart is its integration of Cosmos SDK 47, which goes beyond merely supporting ABCI 1.0. It also bestows official recognition upon the CosmWasm module and introduces the Protocol-Owned Builder (POB) module, a creation by Skip Protocol, which adds an innovative dimension to the system.

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Empowering Developers

This new feature empowers developers, giving them the tools to chart their unique course and shape on-chain blocks. It offers transparency and a binding mechanism, providing developers with a level of control and creativity that's both unprecedented and exciting.

A Journey from Classic Roots to Modern Triumphs

Terra (LUNA) has been through a remarkable journey. After a sharp drop in value due to the collapse of its algorithmic stablecoin, UST, the network transitioned to Terra Classic (LUNC). The upcoming transformation will mark another significant chapter in the LUNC network's history.

While this is a remarkable step forward, it's essential to acknowledge the skeptics. Some users have expressed concerns about these new features, particularly their traction within the wider Cosmos ecosystem. In response, a Terra developer wisely pointed out that LUNA is not a follower but a leader.

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LUNA Technical Analysis

Taking a closer look at the technical side, Terra (LUNA) has witnessed a robust bullish trend in the previous 24 hours. The bulls, however, pulled back after failing to breach the intra-day high of $0.4326. Despite this temporary retreat, overall sentiment remains positive, with strong support above $0.4079.

The $0.40 support level has been rigorously tested and has proven resilient, reflecting substantial buying interest at this price point. In case the bears manage to break through, the next key level to monitor would be around $0.385. On the upside, surpassing the intra-day high of $0.4326 could signal a continuation of the bullish momentum, potentially leading to a new resistance level around $0.45.

Despite a slight 1.47% drop in market capitalization during the bull run, down to $167,609,216, LUNA's 24-hour trading volume saw a healthy 14.60% increase to $39,919,869. This heightened trading activity is a clear indicator of increased interest and confidence in LUNA's future prospects.

In conclusion, Terra (LUNA) embarks on an exciting journey with its transformative upgrade, poised to lead the way despite lingering skepticism. The combination of bullish sentiment and unwavering community support sets the stage for a promising future.

Also Read: Should You Invest in LUNC? A Comprehensive Analysis

FAQs

1. What is the significance of Terra (LUNA) adopting Cosmos SDK 47?

Terra (LUNA) embracing Cosmos SDK 47 is a significant step toward enhancing its functionality and interoperability within the Cosmos ecosystem. This update expands its capabilities and opens doors to new possibilities.

2. Why did Terra (LUNA) rebrand as Terra Classic (LUNC)?

The rebranding occurred after the collapse of UST, Terra's algorithmic stablecoin, leading to a necessary transformation. The change to Terra Classic (LUNC) reflects the network's resilience and adaptability.

3. How do the new features empower developers on the Terra (LUNA) network?

The introduction of the Protocol-Owned Builder (POB) module and the integration of Cosmos SDK 47 provide developers with more tools and control over on-chain activities. It allows for greater transparency and creativity in shaping applications.

4. What is the technical outlook for LUNA's price?

LUNA's technical analysis shows a strong bullish trend, with solid support above $0.4079. The market remains optimistic about its prospects, but potential resistance levels should be monitored.