Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40 – Market Updates Bitcoin News
Avalanche rallied on Wednesday, as the token broke out of a key resistance level on its way to a multi-month high. Crypto markets mostly rose as the session progressed, following the release of the latest US inflation figures. Ethereum classic was one such token, as it moved closer to $40.
Avalanche (AVAX)
Avalanche (AVAX) was a big draw on Wednesday, as the token moved closer to its highest level since May.
After a low of $26.71 on Tuesday, AVAX/USD rose to an intraday high of $30.00 earlier in today’s session.
The move sees AVAX approaching Monday’s high of $30.87, which is the highest point the token has hit since May 23.
Today’s price rally comes as crypto markets reacted to the latest US inflation report, which showed a decline from 9.1% in June to 8.5% in July.
As a result, the 14-day relative strength index (RSI) rallied past its own resistance at 69, and is currently trailing at 71.40.
Although AVAX is already overbought, bulls may look to recapture Monday’s highs before potentially pulling back and giving way to bears.
Ethereum Classic (ETC)
Ethereum classic (ETC) was another notable draw in today’s session as it bounced back from Tuesday’s decline.
On Tuesday, ETC/USD fell to a low of $35.75, but a day later, prices of the token rose to a high of $38.94.
This price increase has seen ethereum classic close to a key resistance level at the $40.00 mark.
ETC has not broken past this ceiling since July 31, with bearish pressure preventing bulls from escaping beyond this threshold.
At the time of writing, the 14-day RSI follows at 65.84, which is marginally above support at 63.
Should ETC bulls want to push the price to and above $40.00, the index needs to reach a reading of 69 and above.
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Will ethereum classic climb above $40.00 this week? Let us know your thoughts in the comments.
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