Ethereum classic rallied for a second straight session on Wednesday, following better-than-expected U.S. consumer confidence data. The figures showed that confidence among American consumers rose to the highest level in eight months, with a reading of 108.3. Monero was also higher on the news, as it extended recent gains.
Ethereum Classic (ETC)
Ethereum classic (ETC) rose for a second straight day on Wednesday, as markets responded to better-than-expected U.S. consumer confidence data.
Today’s figures, which were initially expected to come in at 101, came in higher than anticipated, with a reading of 108.3 in December.
As a result of today’s data, ETC/USD raced to a peak of $16.64 earlier in the day, which is nearly 5% higher than Tuesday’s low at $15.59.
ETC/USD – Daily Chart
Looking at the chart, the move came as price continued to move away from Monday’s bottom of $14.74, which was the lowest point ETC had hit since July.
The surge coincided with the 14-day relative strength index (RSI) climbing from a floor of its own at 28.00, and it is currently tracking at 37.61.
The index now seems set to collide with a resistance at 41.00, which could mean that prices will begin to decline.
Monero (XMR)
Monero (XMR) was another notable gainer in today’s session, as prices surged for a fifth straight day.
Following a low of $146.31 on Tuesday, XMR/USD surged to an intraday high of $148.16 earlier in the day.
Wednesday’s move now puts monero at its highest point since Friday, with the token closing in on a resistance level at $150.00.
XMR/USD – Daily Chart
From the chart, the move comes as the RSI rose above a resistance level of 54.00, and it is currently tracking at 55.88.
Despite recent bullish sentiment, the 10-day (red) moving average now looks set to crossover with its 25-day (blue) counterpart.
Should this move take place, then XMR will likely move towards a floor around the $139 region.
Register your email here to get weekly price analysis updates sent to your inbox:
Could bullish momentum continue throughout the week? Let us know your thoughts in the comments.
Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
More Popular News
In Case You Missed It
Tony Hawk’s Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs … read more.
