Biggest Movers: LUNC up 40% on Monday, as Do Kwon Faces Possible Arrest
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. LUNC/USD – Daily Chart
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. Cosmos (ATOM)
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. ATOM/USD – Daily Chart
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.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, atom, Cosmos, LUNC, Terra Classic
Is it possible for cosmos to hit $20.00 in October? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC Below $19,000 as Sentiment in Crypto Remains Bearish MARKET UPDATES | 10 hours ago Biggest Movers: DOGE Hits 1-Month High to Start the Weekend MARKET UPDATES | 2 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleTD Securities Analyst Says Gold Sell-off May Not Be Over — Carry and Opportunity Cost Could ‘Drive Capital Away’ Next articleBritish Pound Taps All-Time Low Against US Dollar Following BOE’s 50bps Rate Hike Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Iran to Increase Penalties for Unauthorized Cryptocurrency Mining