Terra Classic rose more than 40% on Monday as the market reacted to news that founder Do Kwon was wanted by the International Criminal Police Organization. Cosmos also rebounded from its recent decline and traded higher.
Terra Classic (LUNC)
Terra Classic (LUNC)
Terra Classic was one of the most notable moves on Monday as the token rose 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 followed news that Interpol had issued a Red Notice to Do Kwon, co-founder of Terraform Labs.
The chart shows that today’s rally came after a failed breakout attempt at the LUNC floor of $0.0002375, and instead bulls pushed prices higher.
Historically, this level has been an area where considerable bullish pressure has existed, as seen from a similar move on September 5.
In this article, bulls may face a hurdle in the form of the 55.00 resistance level of the 14-day Relative Strength Index (RSI).
If this obstacle is overcome, traders are expected to try to move LUNC closer to the $0.0003820 ceiling.
Cosmos (ATOM)
In addition to Terra Classic, Cosmos (ATOM) also rose during Monday’s volatile session, as the token continues to rebound from its recent losses.
ATOM/USD surged to a high of $14.85 earlier in the week, the second consecutive session of price gains.
Following last Wednesday’s FOMC meeting, the ATOMfell back below its support point of $13.35. However, it has largely consolidated since then.
As of this writing, the token is currently trading at $14.79, up nearly 5% from Sunday’s low of $13.71.
Despite Monday’s price spike, the 10-day (red) moving average appears to be in place for a downcross, which could be a sign of further decline.
The RSI is currently below the 54.00 ceiling and a break above here could change the sentiment in the Cosmos.
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