Ethereum classic reached an all-time high of $1,050 earlier in trading. However, it was unable to sustain the volatility and then succumbed to a red tsunami. AXS rose by more than 12% today. However, prices fell as a result of a bearish trend.
Ethereum (ETC).
ETC climbed to a one-week high earlier in Thursday’s session, when bulls were still buoyed by yesterday’s Fed decision.
As the market continued to be uncertain, however, the bulls became bearish as the inflationary environment became more severe.
ETC/USD reached an intraday high of $32.36 in the previous session. This was its highest level since April 25, 25.
At that point, prices were up by nearly 9% from Wednesday’s lows, however, these gains swiftly fell, and as of writing prices are now trading at $28.28.
This chart clearly shows that this was because prices did not break through resistance at $33, which bears saw as an opportunity for them to reenter the market.
Now, the 14 day RSI has fallen below a threshold of 43 as a result. This is because the waves of bearish pressure pushed prices into too much territory.
Axie Infinity – AXS
AXS began the day as the most significant gainer, increasing by almost 12%. These gains were then lost late in the session.
To start the day, AXS/USD followed up Wednesday’s low of $29.04, by climbing to a peak of $34.75 earlier today.
Prices moved away from the $28.90 floor which was about a ten month low for the Blockchain Gaming Token.
As the day went on, however, AXS traded at $29.13.
This market volatility means that April’s red wave in crypto markets has moved into the first week of May, and could extend beyond this, as traders continue to be wary of the risk of inflation.
Some are however hopeful that a strong non-farm payroll report on Friday could help ease the bleeding, with prices rebounding from today’s losses in such an event.
Is it possible that a high NFP number could push crypto prices up? Please share your views with us in the comments.
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