The biggest gainer among the top 30 was Ethereum Classic, which was 0.9% higher as of Thursday’s writing. ZEC rose on Thursday, due to higher volatility following recent price declines.
Ethereum (ETC).
Following a chaotic market session on Thursday, Ethereum classic (ETC), one of the few cryptocurrencies that climbed to the top 30, was Ethereum Classic.
Following a low of $38.40 on Wednesday, ETC/USD rallied to a peak of $43.11 during today’s session.
After prices recovered from the support level near $38.40 on March 21, this is the result.
Thursday’s surge in ETC, comes after two consecutive sessions of declines that pushed prices further away from a recent five month high of $54.59.
Looking at the chart, today’s move came as the 14-day RSI bounced away from its floor of 44.50, and moved past the ceiling of 48.
Price strength is now tracking at 52.21, which is somewhat overbought, meaning that today’s gains may be temporary, and could still reverse.
This uncertainty will likely worry today’s bulls, and could mean that some may close positions, and secure profits.
Zcash
Similar to ETC, zcash (ZEC) also rebounded after recent losses on Thursday, with today’s gains ending three consecutive days of declines.
As of writing this, ZEC/USD hit an intraday high of $176.86 today, as the world’s 52nd largest cryptocurrency climbed by roughly 3.25%.
After a Wednesday low of $159.20 and close to the support level at $158.60, Thursday’s gains are expected.
Although today’s decline didn’t take ZEC beyond this floor, prices are still at their lowest point since March 18.
These numbers are indicating that there could be more price declines in the future.
One of the only positives for bulls, is that today’s surge means that the floor of 45.83 on the RSI indicator was not broken, as such prices have stabilized, following recent falls.
What price target would be next for ZEC bears if this floor was broken? Please share your views with us in the comments.
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