LUNA has underperformed in recent hours despite the Terra community announcing a major partnership.
LUNA, the native token of the Terra ecosystem, has fallen by nearly 3% over the past 24 hours. At the time of writing, LUNA is trading at $55.13.
This decline comes even though the Terra team earlier announced a partnership with the Washington Nationals.
In a blog post, the Washington Nationals said the partnership includes title sponsorship of the Premier Club area behind home plate at Nationals Park. Both organizations will also build a foundation for future blockchain and cryptocurrency fan applications.
Terra branding is expected to appear on stadium signage, and the blockchain organization will sponsor a five-part digital series that will be broadcast across the Nationals’ social platforms.
Despite the positive announcement, LUNA has not performed well in recent hours, underperforming even as the broader cryptocurrency market showed strength.
The total cryptocurrency market capitalization is now above $2 trillion, and Bitcoin climbed above $45,000 today.
Key levels at a glance
The LUNA/USD 4-hour chart is currently bearish, as LUNA has underperformed in recent sessions. Technical indicators suggest the price could decline further in the coming hours.
The MACD line sits near the neutral zone and could slip into negative territory if the bearish momentum continues. The 14-day RSI at 33 indicates LUNA is currently in oversold territory.
If the bearish sentiment persists, LUNA could drop below the psychological $50 level in the coming hours. Prolonged weakness might push LUNA toward the $45 support level before the end of the week.
Conversely, if bulls regain control, LUNA could recover toward the first major resistance near $61 in the next several hours.