The cryptocurrency market as a whole has been characterized by a range of sentiments in the last 24 hours, with most major coins registering mixed price changes. The market has plummeted 16.54% in 24 hours, significantly worse than previous days. While at that, the Terra blockchain has signed a five-year, $40 million partnership with the Washington Nationals Baseball Club.
LUNA’s partnership with Washington Nationals
According to a Wednesday report, the Washington Nationals baseball team has signed up for a “groundbreaking” five-year partnership with public blockchain protocol Terra. The partnership includes signage throughout the stadium that promotes the Terra ecosystem. Additionally, it includes branded social media content on the Nationals’ social media platforms.
The $40 million sponsorship was paid for through the Terra community treasury. The community runs about $2.7 billion in a decentralized autonomous organization. The proposal passed with an overwhelming majority, making it the first deal between a sports franchise and a DAO.
Even though it is mired in a legal battle with the SEC, Terra has succeeded in obtaining the partnership. The prominent cryptocurrency project sued the regulator after Kwon was served a subpoena while attending a crypto conference.
The premier club space behind home plate at Nationals Park will prominently feature the Terra brand. It will be rebranded as the “Terra Club,” and it will be adorned with the Terra logo and messaging.
In addition, as soon as next season, Nationals Park will accept TerraUSD (UST), the DeFi-focused stablecoin established by Terra, in place of US dollars.
The deal was the brainchild of Terraform Labs’ founder, Do Kwon, who pitched the $40 million proposal to the community on February 1. With more than 300 million people voting in the community poll, the proposal was approved with a landslide of 98.41 percent of votes.
LUNA’s Price Action
Terra is still one of the largest decentralized autonomous organizations in the crypto industry. Since its inception in 2021, it has appreciated significantly in value. The Terra Community Pool is now worth an estimated $2.74 billion.
On the list of top bearish currencies, Terra LUNA is one of the few. It has dropped by 0.12 percent in the last 24 hours. The rise for it in the previous seven days was 19.61%. It currently ranks 9th on the worldwide chart at $56.37.
The loss has been minor for the last 24 hours, but if the bearishness continues, it might grow. The current market capitalization of Terra LUNA is $22,627,124,492. For the past 24 hours, its trading volume was approximately $1,355,047,011.
The MACD is currently bearish across the technical indicators. In recent hours, the selling pressure has decreased. The EMAs are presently trading at a high level as the LUNA price has experienced net bullish activity in recent days, with buyers surpassing the $55.00 barrier.
The LUNA price forecast issued by 24-hour analysis is similar, with 12 primary technical indicators implying a decline and just five indicating a further ascent. While the bearish dominance is reaffirmed, a bullish pressure is evident in the mid-term charts.