In a trading session that turns red where the market has lost more than 2.36%, Terra Luna does not incur the decline. On the contrary, the competing blockchain of Ethereum sets new records by illustrating itself with a new ATH ($ 42.17). The good performance of the Moon brings its annual growth to 12,351.3% according to Coingecko statistics.
Terra Luna is at the foot of the top 10 most important cryptocurrencies on the market. Its daily growth of more than 33% has enabled it to grab a few places on the market. Currently, the cryptocurrency has a market value of $ 15.6 billion. But, One event can still change the course of Terra. : the ” Columbus 5 fork ».
Columbus 5 fork: Improving Terra’s blockchain
Before getting into the Columbus 5 update, it’s important to give a refresher on the project behind the crypto. Terra Luna is in fact a cryptographic structure specializing in the issuance of stablecoins in order to facilitate payments with digital currencies. The update aims to create a new network for terra to make it more scalable than before.
It will include three main points:
- Facilitate the swap of tokens in the Terra ecosystem.
- Integrate a deflationary “burn-out” process into the crypto protocol
- TeFi, the DeFi made in Terra that will allow users to earn passive income through returns from staking and crypto loans
In fact, the “Columbus 5” update was scheduled for the beginning of the month but is expected to be undertaken on September 30 for the following reasons:
- A new version of Mantle, highly scalable and able to support significantly more traffic by scaling Wasm requests, will accompany Col-5.
- Provide more leeway for third-party projects built on Terra with dependencies on existing applications like Mirror, Anchor, TerraSwap, and Shuttle migrating to Col-5.
- Provide more comprehensive and extensive documentation to the community and third-party developers on the specifics of the Col-5 upgrade and how to use it properly.
Source: Terra UST, Twitter
The “Terra Autumn”: An opportunity to gain not to be missed
For experts, this update should initiate the “Terra Autumn”, a particularly bullish period that would see the price of crypto explode in the market. Currently, Terra’s price is $ 39.63. According to forecasting sites, Terra’s value is expected to increase by at least 25% by the end of the year. CoinPedia sets its forecast at $ 50 for crypto at the end of the year. Super forecasting site WalletInvestor is slightly more bullish with Terra at $ 52.34.
On the technical analysis side, Terra Luna’s performance during this trading session allowed it to break the 20-day moving average valued at $ 31.62. This is an important signal for Luna’s short-term future because before this stock market breakthrough, she had lost almost 35% in the space of 3 days. For the long term, Terra can count on an “uptrend” trend which does not run any risk of a downward bias. The RSI extends to a value of 68. In addition, the update should compensate for the bullish volatility by strengthening the fundamentals of the project.
Risk Disclosure: The articles and articles on Arover.net do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies.