Ethereum Classic was one of the biggest moves to start the weekend as prices surged to a six-week high. The move sent the token up as much as 12%, breaking out of a key resistance line in the process. Polygon also moved higher, surging toward its recent price ceiling.
Ethereum Classic (ETC
Ethereum Classic (ETC) reached a six-week high on Saturday as prices rose as much as 14%.
After hitting a low of $17.94 on Friday,.ETCETC/USD surged from a low of $17.94 on Friday to a peak of $20.68 earlier in today’s session.
As a result of today’s move,ETC? ETCbroke out of $20.00, a key resistance line, and in the process hit its highest point since November 26.
The chart shows that the 10-day moving average (red) crossed the 25-day moving average (blue), resulting in today’s surge.
The recent rally has also brought the 14-day Relative Strength Index (RSI) closer to overbought territory, with the index at its highest level since last August.
The rally ahead has already begun to wane, and previous bullish sources appear to be taking profits at these levels.
Polygon (MATIC)
Polygon (MATIC) was another notable gainer to start the weekend, rising for a second straight day.
MATIC/USD rose to a high of $0.8105, which is more than 3% higher than Friday’s low of $0.774.
Today’s rally brings the polygon closer to a key resistance line at $0.8200, which was last hit on December 27.
As the chart shows, today’s surge also hit the RSI ceiling and resistance at 49.00
This has eased the earlier rally somewhat, and at the time of writing, MATIC/USD is trading at $0.8039.
For MATIC to extend its recent rally into a third session, price strength must first overcome the RSI ceiling of 49.00.
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