ETC Nears 10-Week High, as TRX Extends Recent Gains – Market Updates Bitcoin News
Ethereum classic was approaching a ten-week high on Wednesday, as prices rose by over 14% in today’s session. These gains came as prices rose for a second consecutive day, with tron also extending recent gains during hump day. Overall, the crypto market cap is 1.51% higher as of writing.
Ethereum Classic (ETC)
Ethereum classic (ETC) was a notable mover in today’s session, as the token rose by almost 15% on Wednesday.
Following a low of $23.72 on Tuesday, ETC/USD rallied to an intraday peak of $27.51 earlier in the day.
The move saw ethereum classic near its long-term resistance level of $28, which has been mostly held since May 6.
Last Saturday saw the token briefly breakout of this point, climbing to $28.23, which was the highest level prices have traded since May.
Looking at the chart, the 14-day relative strength index (RSI) is currently tracking at 68.44, which is slightly below a resistance level of 70.
If ETC is to maintain this current run of momentum, price strength will need to move beyond this upcoming ceiling.
In addition to ETC, tron (TRX) was also up for a second straight day, as prices continued to move away from a recent support point.
TRX/USD rallied to an intraday high of $0.06631 in today’s session, which is over 3% higher than yesterday’s low of $0.06383.
Today’s rally comes after TRX bounced from its price floor of $0.06300 during yesterday’s session, as bulls put an end to a five-day losing streak.
As seen from the chart, this rebound comes despite the 10-day moving average (red), crossing over downward against the 25-day MA (blue).
Typically, such a cross signals a downtrend, however sentiment has now seemingly shifted in favor of bulls.
However, this might soon be tested, with relative strength fast approaching a resistance level of 49.85.
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Do you expect tron to fall once the RSI reaches this resistance? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Sharaf Maksumov / Shutterstock.com
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