Terra classic surged more than 40% on Monday as markets reacted to the news that founder Do Kwon was wanted by Interpol. Cosmos traded higher, recovering from recent declines.
Terra Classic (LUNC)
Terra classic was one of the most popular movers on Monday as the token surged over 40% to start the week.
Following Sunday’s low of $0.0001825, LUNC/USD rose to an intraday high of $0.0003272 earlier today.
The move comes after Interpol issued a red notice for Terraform Labs co-founder Do Kwon.
Looking at the chart, today’s rally came after the LUNC floor tested a rejection of $0.0002375, instead pushing the bulls higher.
Historically, this level has been an area of high levels of bullish pressure, as seen in a similar move on September 5.
As of writing, bulls may face a hurdle at the 55.00 resistance level on the 14-day Relative Strength Index (RSI).
If this barrier is overcome, we will see traders trying to take LUNC towards the $0.0003820 ceiling area.
Cosmos (ATOM)
In addition to Terra Classic, Cosmos (ATOM) also rose in Monday’s volatile session, as the brand continued to recover from recent losses.
ATOM/USD rose to $14.85 to start the week, marking a second straight session of gains.
Following last Wednesday’s FOMC (Federal Open Market Committee) meeting, ATOM fell below the $13.35 support point. However, it is mostly reinforced.
As of writing, the token is up about 5% from Sunday’s low of $13.71, and is currently trading at $14.79.
Despite Monday’s rally, the 10-day (red) moving average appears set to cross down, which could be a sign of further declines.
RSI is currently below the ceiling of 54.00, and if it breaks above this point we will see sentiment on the Cosmos shift.
Register your email here to have weekly price analysis delivered to your inbox:
Is it possible for Cosmos to hit $20.00 in October? Let us know your thoughts in the comments.
Image credits: Shutterstock, Pixabay, Wiki Commons
DisclaimerThis article is for informational purposes only. It is not an offer or solicitation 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 shall be liable, directly or indirectly, for any damages or losses arising out of the use of or reliance on any content, goods or services referred to in this paragraph.