Ethereum classic was approaching a ten-week high on Wednesday, as prices rose by over 14% in today’s session. Prices rose again for the second straight day. Additionally, tron saw its recent gains continue during the hump. The crypto market cap was 1.51% higher at the time of writing.
Ethereum (ETC).
Ethereum classic (ETC) was a notable mover in today’s session, as the token rose by almost 15% on Wednesday.
The ETC/USD gained after a Tuesday low at $23.72 and climbed to a high of $27.51 in the intraday.
This move brought ethereum classical near to its long-term resistance level at $28, which was mostly held since May 6.
This token briefly traded at $28.23 on Saturday. That was the highest trading level since May.
The chart shows that the current 14-day relative strength indicator (RSI), is tracking at 68.44. This is slightly lower than the resistance level at 70.
ETC must maintain its current momentum if it is to continue to gain strength in price.
Tron (TRX)
ETC was up, and tron (TRX), too, for the second consecutive day. Prices continued to drift away from their recent support level.
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.
The chart shows that this rebound is despite the 10-day moving mean (red) crossing over to the downward side of the 25-day MA.
A cross like this is usually a sign that there’s a downtrend. But, the sentiment appears to be shifting in favor of bulls.
This could be changed however, as relative strength is fast approaching the resistance level at 49.85.
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Is it reasonable to expect tron’s fall once the RSI reaches that resistance? We’d love to hear your comments.
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