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/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.
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