Skip to main content

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.

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.

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:

Is it possible for cosmos to hit $20.00 in October? Let us know your thoughts in the comments.



from Bitcoin News https://ift.tt/3HfnU6A
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more