Loopring was trading by over 42% on Wednesday, overtaking QNT as the world’s 65th largest crypto in the process. Ethereum classic trades 10.30% more on Wednesday, increasing its gain of over 80% in a week.
Loopring (LRC).
On Wednesday, loopring (LRC) rose to its highest level in three months, a move which saw it cement itself as the world’s 65th largest cryptocurrency.
LRC/USD rallied after Tuesday’s low of $0.8075 and reached an intraday peak above $1.21 During hump day
Today’s move came as LRC has consolidated for the last few months, moving between support of $0.6222 and resistance of $0.8889.
Today, however, the prices broke from this range after bulls piled pressure on the market, even though the floor at the 14-day RSI 51.16 was not broken.
The chart clearly shows that the price strength reached a peak above 71 in November, making it the most overbought since November.
Despite all this, historical data has proven that the RSI could reach as high at 91. So even though it is currently relatively overbought (LRC), there might still be additional gains in loopring.
Ethereum (ETC)
Ethereum Classic (ETC), which was more than 10% higher in Wednesday’s session, continued to hold close to its five-month peak.
ETC/USD rose to an intraday peak of $54.07 during Wednesday’s session, which was marginally below yesterday’s high of $54.37.
This was the largest ETC trade since November 2013, when markets fell from $65 at their peak.
ETC rallied over the past 10 days starting at $25. It gained by nearly $30, just more than an 80% value increase, during this period.
This is because the 14-day RSI index rose marginally to the 86.04 level, its highest since August.
As seen from the current chart, momentum has since slowed, with a selloff ensuing, as traders likely took profits after climbing to today’s peak.
Does this afternoon’s selloff signal a reversal in momentum for ETC? Please share your views with us in the comments.
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