LUNC up 40% on Monday, as Do Kwon Faces Possible Arrest – Market Updates Bitcoin News

Terra classic rose over 40% Monday due to markets reacting to Interpol’s announcement that Do Kwon, founder of Terra classic was being sought by them. Cosmos was also higher after recent drops.

Terra Classic (LUNC).

Terra classic was one of Monday’s most notable movers, as the token rose by over 40% to start the week.

After a Sunday low of $0.0001825, the LUNC/USD reached an intraday high of $0.0003272 today.

This was in response to Interpol’s red notice issued for Do Kwon, Terraform Labs founder.

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.

This level was historically a place where significant bullish pressure has resided. As seen in a September 5 similar move.

Bulls could face a challenge at the resistance level of 55.00 on the 14 day relative strength index (RSI).

If the obstacle is removed, traders may attempt to bring LUNC to a maximum 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 jumped to an all-time high of $14.85 in the first week. This led to prices rising higher for the second consecutive session.

Following last Wednesday’s FOMC (Federal Open Markets Committee) meeting, ATOM fell to below its support point of $13.35. But, the trend has been mostly positive.

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 has a ceiling below 54.00. If it goes above this level we might see sentiment shift in the cosmos.

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It is possible that cosmos can reach $20.00 in October. Please share your views with us in the comments.

Eliman Dambell

Eliman is a market analyst with a diverse perspective. He has previously been a broker director and taught retail trading. He currently acts as an analyst for various asset types, such as Crypto, Stocks, FX.

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