Avalanche rallied Wednesday as it broke through a critical resistance level, on the way to a multi-month peak. After the U.S. inflation figures were released, crypto markets rallied in the second half of the session. One such token was Ethereum classic, which moved closer to $40.
Avalanche (AVAX)
Avalanche was the big player on Wednesday. The token reached its highest point since May.
Following a low of $26.71 on Tuesday, AVAX/USD surged to an intraday peak of $30.00 earlier in today’s session.
The move sees AVAX near Monday’s peak of $30.87, which is the highest point the token has hit since May 23.
Today’s price rally comes as crypto markets reacted to the latest U.S. inflation report, which showed a decline from 9.1% in June to 8.5% in July.
The 14-day relative strength indicator (RSI), has surpassed resistance levels at 69 to now track at 71.40.
Although AVAX is already overbought, bulls may look to recapture Monday’s high before potentially retreating, giving way to bears.
Ethereum (ETC).
Ethereum classic (ETC) was another notable mover in today’s session, as it rebounded following Tuesday’s decline.
On Tuesday, ETC/USD fell to $35.75 at its lowest, but prices rose to $38.94 the next day.
The price of ethereum has risen to $40.00, which is a critical resistance level.
ETC has been at this level since July 31, and bearish pressure prevented bulls from escaping beyond the threshold.
The 14-day RSI was tracking at 65.84 as of this writing. This is slightly above the support level at 63.
ETC bulls will push the price up to $40.00 if it reaches a reading above 69.
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