Terra classic is up 40% on Monday, as markets reacted to the news that founder Do Kwon is wanted by Interpol. Cosmos is also trading higher, bouncing back from recent declines.
TERRA CLASSIC (LUNC)
One of the main movers on Monday was Terra classic, as the coin surged more than 40% to start the week.
After dropping $0.0001825 on Sunday, LUNC/USD surged to an intraday high of $0.0003272 earlier today.
The move followed news that Interpol had issued a Red Notice to Terraform Labs founder Do Kwon.
Looking at the chart, today’s rally came after a failed attempt to breach the LUNC floor at $0.0002375, with the bulls pushing prices higher instead.
Historically, this level has been an area where a great deal of upward pressure has settled, as evidenced by the similar move on September 5th.
As of this writing, the bulls may be ready to run into a snag in the form of the resistance level at 55.00 on the 14-day Relative Strength Index (RSI).
If this hurdle is overcome, we are likely to see traders attempt to approach LUNC towards the $0.0003820 ceiling.
Cosmos (Atom)
In addition to Terra Classic, Cosmos (Atom) also rose during Monday’s volatile session, with the coin continuing to recover from recent losses.
ATOM/USD price surged to a high of $14.85 to start the week, which saw prices rise for the second consecutive session.
After the FOMC meeting last Wednesday, ATOM fell below the support point at $13.35. However, it has mostly solidified since then.
As of this writing, the coin is up about 5% from Sunday’s low of $13.71 and is currently trading at $14.79.
Despite the price rally on Monday, the 10-day moving average (red) appears to be in position for a bearish crossover, which could be a sign of further declines.
The RSI is currently under the 54.00 ceiling, and if it moves past this point we could see sentiment shift in the universe.
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from San Jose News Bulletin https://sjnewsbulletin.com/lunc-up-40-monday-as-do-kwon-faces-possible-arrest-bitcoin-news-market-update/
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