LUNC up 40% on Monday, as Do Kwon Faces Possible Arrest – Market Updates Bitcoin News
Terra classic rose by over 40% on Monday, as markets reacted to the news that founder Do Kwon was wanted by Interpol. Cosmos also traded higher, rebounding from recent declines.
Terra Classic (LUNC)
Terra classic was one of Monday’s most notable movers, as the token rose by over 40% to start the week.
Following a low of $0.0001825 on Sunday, LUNC/USD rose to an intraday peak of $0.0003272 earlier today.
The move came following 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 of LUNC’s floor of $0.0002375, with bulls instead pushing prices higher.
Historically, this level has been an area where a significant amount of bullish pressure resided, as seen from a similar move on September 5.
As of writing, bulls may be set to face a hurdle in the form of a resistance level at 55.00 on the 14-day relative strength index (RSI).
Should this obstacle be overcome, then we will likely see traders attempt to take LUNC close to a ceiling of $0.0003820.
In addition to terra classic, cosmos (ATOM) was also up during Monday’s volatile session, with the token continuing to rebound from recent losses.
ATOM/USD surged to a high of $14.85 to start the week, which saw prices climb higher for a second consecutive session.
Following last Wednesday’s FOMC (Federal Open Markets Committee) meeting, ATOM fell to below its support point of $13.35. However, it has mostly consolidated since.
As of writing, the token is up nearly 5% from Sunday’s low of $13.71, and is currently trading at $14.79.
Despite Monday’s surge in price, the 10-day (red) moving average looks positioned for a downward 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 may see sentiment in cosmos shift.
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