Ethereum Classic is one of the biggest moves to kick off the weekend as prices surge to a six-week high. The move sent the token up by as much as 12%, breaking through key resistance levels in the process.
Ethereum Classic (etc)
Ethereum Classic (etc) hit a six-week high on Saturday, with prices up 14%.
Following Friday’s low of $17.94, etc/USD peaked at $20.68 early in today’s session.
As a result of today’s move, etc It broke through the critical resistance level at $20.00, reaching its highest point since November 26 in the process.
Looking at the chart, today’s surge saw the 10-day (red) moving average break above the 25-day (blue) moving average line.
The recent rally has also pushed the 14-day Relative Strength Index (RSI) closer to overbought territory, with the indicator tracking its highest point since August last year.
The previous rally has already started to fade as the previous bulls are likely to profit at this level.
Polygon (MATIC) was another notable riser to kick off the weekend with a second day in a row of token gains.
MATIC/USD raced to a high of $0.8105, more than 3% higher than Friday’s low of $0.774.
Today’s rally has brought the polygon closer to the critical resistance level of $0.8200, which was last hit on December 27th.
As you can see from the chart, today’s surge also led to a collision with the RSI’s ceiling, with the index reaching resistance at 49.00.
As such, the earlier rally has eased somewhat and MATIC/USD is trading at $0.8039 at the time of writing.
For MATIC to extend its recent rally into a third trade, price strength must first break the RSI’s 49.00 cap.
Sign up for your email here to have weekly price analysis updates sent to your inbox.
Could Porygon recover above this resistance level in the next few days? Let us know what you think in the comments.
image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com It is not intended to provide investment, tax, legal or accounting advice. NEITHER THE COMPANY NOR THE AUTHOR WILL BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY DAMAGE OR LOSS ARISING OR ALLEGED TO OCCUR ARISING OUT OF OR RELATING TO YOUR USE OF OR RELIANCE ON ANY CONTENT, PRODUCTS OR SERVICES DESCRIBED IN THIS ARTICLE. We are not responsible.