Ethereum Classic was hitting a ten-week high on Wednesday, as prices gained over 14% in today’s session. These gains came as prices rose for the second day in a row, with Tron extending recent gains during the hump day. Overall, the crypto market cap is up 1.51% as of writing.
Ethereum Classic (ETC)
Ethereum Classic (ETC) was a notable mover in today’s session, as the token gained nearly 15% on Wednesday.
After hitting a low of $23.72 on Tuesday, ETC/USD climbed to an intraday peak of $27.51 earlier in the day.
The move saw Ethereum Classic near its long-term resistance at $28, which it has held mostly since May 6.
The coin briefly broke past this point last Saturday, climbing to $28.23, the highest price level since May.
Looking at the chart, the 14-day Relative Strength Index (RSI) is currently tracking at 68.44, which is slightly below the 70 resistance level.
If ETC is to maintain this current momentum, price strength will have to extend beyond this upcoming range.
Tron (TRX)
Apart from ETC, Tron (TRX) was also up for the second day in a row as the price continued to move away from the recent support point.
TRX/USD climbed to an intraday high of $0.06631 in today’s session, up 3% from yesterday’s low of $0.06383.
Today’s rally follows TRX’s rally from the $0.06300 price level during yesterday’s session as bulls ended a five-day losing streak.
As seen from the chart, this rally comes despite the 10-day MA (red) crossing the bottom line against the 25-day MA (blue).
Usually, such a cross indicates a downtrend, although the sentiment has now shifted in favor of the bulls.
Although it may be tested soon, relative strength is fast approaching the 49.85 resistance level.
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Do you expect Tron to drop once the RSI reaches this resistance? Let us know your thoughts in the comments.
image credit: Shutterstock, Pixabay, WikiCommons, Sharaf Maksumov / Shutterstock
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