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LUNA sinks despite Terra's partnership with the Washington Nationals

 


LUNA has underperformed in the past few hours, despite the Terra community announcing a major partnership.


LUNA, the native token of the Terra ecosystem, is down nearly 3% over the past 24 hours. At the time of writing, LUNA is trading at $55.13.


This comes despite the Terra team announcing a partnership with the Washington Nationals earlier today.


In a blog post today, the Washington Nationals said the partnership includes title sponsorship of the premier club area behind home plate at Nationals Park. The two companies will also lay a foundation for future blockchain and cryptocurrency applications for fans.


Terra is set to feature on stadium signage, and the blockchain organization will sponsor a five-part digital series that will air on Nationals social platforms.


Despite the positive news, LUNA has not performed well in the past few hours. The poor performance came despite the good performance of the broader cryptocurrency market.


The total cryptocurrency market cap is now over $2 trillion, with Bitcoin surging past $45,000 today.


Important levels at a glance

The LUNA/USD 4 hour chart is currently falling as LUNA has been underperforming for the past few hours. Technical indicators are showing that the price of LUNA could decrease in the coming hours.




The MACD line is hovering around the neutral zone, but it could turn negative if the bearish trend continues. The 14-day RSI from 33 shows that LUNA is currently oversold.


If the bearish sentiment persists, LUNA could dip below the psychological $50 level in the coming hours. Prolonged bearish performance could see LUNA trade around the USD 45 support level before the end of the week.


However, if the bulls regain control, LUNA could rally towards the first major resistance level at USD 61 in the next few hours.


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