Key Takeaways:
- Terra announced a partnership with the Washington Nationals baseball team.
- The deal failed to draw a reaction from Terra’s LUNA token.
NEW DELHI (CoinChapter.com) — Terra announced a partnership with The Washington Nationals MLB franchise for club sponsorship, with plans to adopt Terra’s stablecoin UST at the Nationals stadium.
The deal, worth nearly $40 million, centers around promoting Terra across various parts of the Washington Nationals home stadium and the TV network. Additionally, the crux of the deal centers on exclusive seating naming rights.
As per the deal, the ballpark’s home plate VIP lounge will become “The Terra Club” for the next five years, complete with prominent crypto branding. In addition to seating naming rights, highly visible positions around the stadium would also display the Terra brand.
According to Terra’s announcement, these would include “20 foot by 7-foot sign in left-field, 580 feet of LED Fascia Ribbon signage, digital out-of-town scoreboard signage.”
Also Read: Terra nears decisive breakout as LUNA price rises on a bloody crypto day.
We are excited to partner with Terra to name our most exclusive club and explore bringing powerful new fan experiences to Nationals Park, including the use of UST cryptocurrency to make purchases.
Mark D. Lerner, managing principle owner of Washington Nationals, said
Moreover, the sponsorship highlights a first in crypto governance. According to Terraform Labs founder Do Kwon, it marks a “first-of-its-kind partnership between a DAO and a sports franchise.” The Terra DAO community voted almost unanimously to partner with a mystery US sports franchise.
In detail, holders of the platform’s native token LUNA voted on the proposal without knowing the name of their prospective partner.
LUNA Remains Unresponsive
Terra’s native token LUNA remained largely unresponsive to the news of the partnership. As the wider crypto market’s relief rally stuttered, LUNA prices started moving down after jumping 30.2% between Feb 3 to Feb 7.
Since then, the Terra token’s prices have been down by 9%. At present, LUNA prices have immediate resistance from their 26-day EMA at $61. If LUNA manages to flip immediate resistance, the token would likely target $65 resistance, near the 100-day MA line.
Moreover, the Terra token’s 50-day MA line acts as resistance near the $70.5 price level.
Conversely, if LUNA fails to start an uptrend, prices could move to support near $55. Sustained profit-booking could pull prices down to support near the $52 price level. Moreover, the Terra token’s 200-day MA line acts as support near $47.8.
Also Read: Terra(LUNA) down 15% after Wonderland controversy reveal.
Interestingly, the $47.8 price level has been a key support for the Terra token after the Jan 21 market crash. Meanwhile, the relative strength index for LUNA is moving laterally and is currently neutral, with a value of 45.55 on the daily charts.
Trend-based momentum oscillator MACD continues to be bullish for the Terra token. LUNA’s MACD charted a bullish crossover on Feb 6. In detail, a bullish crossover occurs when the MACD line (difference of 12-day and 26-day EMA) moves above the MACD signal line (9-day EMA of MACD).
As such, the crossover indicates an increase in bullish momentum for the LUNA token’s price action.
At the time of writing, LUNA was trading at $57.5, up 0.2% on the day.
