LUNC up 40% on Monday, as Kwon faces possible arrest – Market Updates Bitcoin News
Terra classic surged over 40% on Monday as markets reacted to the news that founder Do Kwon was wanted by Interpol. Cosmos also traded higher, rallying from recent declines.
Terra Classic (LUNC)
Terra classic was one of Monday’s most notable moves, as the token surged over 40% to start the week.
After a low of $0.0001825 on Sunday, LUNC/USD rose to an intraday high of $0.0003272 earlier today.
The move came after news that Interpol had issued a red notice for Terraform Labs co-founder Do Kwon.
Looking at the chart, today’s rally came after a failed breakout attempt at LUNC’s floor at $0.0002375, with bulls instead pushing prices higher.
Historically, this level has been an area of significant bullish pressure, as seen from a similar move on September 5th.
At the time of writing, bulls may be set to face an obstacle in the form of a resistance level of 55.00 on the 14-day relative strength index (RSI).
Should this obstacle be overcome, we will likely see traders attempt to take LUNC near a ceiling of $0.0003820.
Cosmos (ATOM)
In addition to terra classic, cosmos (ATOM) was also up during Monday’s volatile session, with the token continuing to rally after losses in recent years.
ATOM/USD rose to a high of $14.85 to start the week, sending prices climbing higher for a second straight session.
After last Wednesday’s FOMC (Federal Open Markets Committee) meeting, ATOM fell below the $13.35 support point. However, it has largely consolidated since then.
At the time of writing, the token is up almost 5% from Sunday’s low of $13.71, and is currently trading at $14.79.
Despite Monday’s price rally, the 10-day (red) moving average appears to be positioned for a bearish cross, which could be a sign of further declines.
Currently the RSI is below a ceiling of 54.00 and if it moves past this point we could see sentiment in the cosmos shift.
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Is it possible for cosmos to reach $20.00 in October? Let us know your thoughts in the comments.
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