LUNA has been underperforming over the past few hours despite the Terra community announcing a major partnership.
LUNA, the native token of the Terra ecosystem, is down by nearly 3% over the past 24 hours. At press time, 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 earlier today, the Washington Nationals said the partnership includes title sponsorship of the premier club space behind home plate at Nationals Park. The two entities will also establish a foundation for future blockchain and cryptocurrency applications for fans.
Terra is set to be featured on in-stadium signage, and the blockchain organisation will sponsor a five-part digital series that airs on Nationals social platforms.
Despite the positive news, LUNA has been performing over the past few hours. The poor performance comes despite the broader cryptocurrency market performing well.
The total cryptocurrency market cap is now above $2 trillion, with Bitcoin rising above the $45k earlier today.
Key levels to watch
The LUNA/USD 4-hour chart is currently bearish as LUNA has been underperforming over the past few hours. The technical indicators show that LUNA’s price could dip lower over the coming hours.
The MACD line is around the neutral zone but could slip into the negative territory if the bearish performance continues. The 14-day RSI of 33 shows that LUNA is currently oversold.
If the bearish sentiment continues, LUNA could drop below the $50 psychological level in the coming hours. An extended bearish performance could see LUNA trade around the $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 $61 over the next few hours.