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 ()
Ethereum classic () 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,/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.
Ifis to maintain this current run of momentum, price strength will need to move beyond this upcoming ceiling.
In addition to, tron ( ) was also up for a second straight day, as prices continued to move away from a recent support point.
/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 afterbounced 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.