LUNA price ready to match north with its token vesting process upgrade


  • Terra will upgrade its blockchain on July 29 to enable vesting account creation through transactions.
  • LUNA price is struggling to rise above the resistance at $2.00 ahead of the weekend.
  • The Parabolic SAR reveals that bulls have the upper hand.

The cryptocurrencies continue to sustain a short-range upside momentum, bolstered by investors seeking fresh opportunities in the bear market. LUNA price advanced from support formed at $1.60 on July 26 in a v-shaped recovery and topped $2.10. A higher support area is needed in the current session, preferably at $1.80, for LUNA price to collect more liquidity and extend the rally north.

Terra To Release Software Upgrade For Vesting LUNA Tokens

Terra announced via Twitter on July 20 that it was going to “upgrade the Terra blockchain and add three new updates.” The software upgrade will enable the creation of a vesting account through transactions. In simpler terms, a vesting account is like an escrow account created by a crypto project to hold investors’ tokens in order to prevent selling. Terra added that the vesting schedule would also be adjusted for an exchange wallet that had not been whitelisted correctly at Genesis. Following the upgrade, the LUNA community will be able to receive vesting tokens via transactions.

A related blog post states, “this proposal utilizes the Software Upgrade Governance function to enable a smooth chain upgrade.” Therefore, the upgrade will take place at block 890,000 on July 29.

The embattled cryptocurrency project has been working to repair its reputation in the market following the crash in May. The LUNA price can gain momentum, and the upgrade touching on the vesting process could be the much-needed catalyst.

At the time of writing, LUNA price has extended the bearish correction below $1.90 and is heading for support at $1.80. It snapped out of the v-shaped recovery due to resistance at the four-hour 200 Simple Moving Average (SMA) and the next hurdle at $2.10.

LUNA price

LUNA/USD four-hour chart

On the brighter side, the Parabolic SAR is currently trailing LUNA price and indicates LUNA price may possess the momentum to reclaim two critical levels at $1.90 and $2.10. As seen in the chart, the gaps between the parabolas (dots) widen, implying a more potent tail force driving price higher. Furthermore, investors may become more interested in the token after the vesting upgrade.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Ripple's XRP set sights on $1.100 following renewed investor interest

Ripple's XRP set sights on $1.100 following renewed investor interest

Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token. 

More Ripple News
Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?

Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?

Dogecoin rose over 15% on Tuesday as traders anticipate a price move toward the $1 threshold following Bloomberg analyst Eric Balchunas's post regarding a DOGE exchange-traded fund.

More Dogecoin News
Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF

Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF

Hedera's HBAR is up nearly 20% on Tuesday as Canary Capital submitted an S-1 registration to the US Securities & Exchange Commission for an HBAR exchange-traded fund.

More Hedera News
Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil

Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil

Ethereum is down 1% on Tuesday despite developer Justin Drake proposing the Beam Chain, a new consensus layer that aims to ship a series of changes that will fast-track the Main chain's roadmap to faster block times and quantum resistance.

More Ethereum News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP