Binance Announces Support for Terra (LUNA) Phoenix Software Upgrade

Binance Announces Support for Terra (LUNA) Phoenix Software Upgrade

Binance, the largest cryptocurrency exchange in the world, has announced that it will support the Terra (LUNA) Phoenix software upgrade. The upgrade will take place on July 18, 2023, at 13:00 (UTC), according to the notice. Binance stated that LUNA trading won’t be unaffected by the change. However, LUNA deposits and withdrawals will be suspended throughout the update. Once the exchange is judged stable, deposits and withdrawals will be reopened. Furthermore, the exchange will manage all technical requirements for LUNA account holders.

Phoenix software upgrade v2.4 garnered 98.22% votes in favor and only 1.78% votes against it from the Terra (LUNA) community. The project updated its Pisco testnet chain on June 30, 2023, adding a number of new and significant improvements.

The upgrade’s announcement and Binance’s backing have led to a 10.7% increase in Terra (LUNA) during the past 24 hours. In the weekly charts, it has increased by 21.4% as well. While TerraClassicUSD (UST) has increased by 10.7% over the same period of time, Terra Luna Classic (LUNC) has increased by 4.6% on the daily charts.

Related Reading: Terra Classic Team Connects With Binance on USTC Re-peg, LUNC to $1?

What Does This Mean for Terra (LUNA)?

After a brief gain in early January 2023, Terra (LUNA) has been on a declining trend. The current price of the coin is $0.6027 with support at $0.7567 as resistance. It might encounter new resistance at about $0.9350 if the existing resistance levels are broken.

LUNAUSDT Chart. Source:Ā  Trading View

The network update won’t likely heal the scars caused by the 2022 market crisis, though. The token’s price is anticipated to increase, at least during the coming weeks. According to PricePredictions’ machine learning system, LUNA will reach $0.746669 on August 17, 2023.

Source: PricePredictions

Read Also: Terra Classic Validator to Burn 100% Commission, Urges Others to Recommit

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