Ethereum classic was one of the biggest movers to start the weekend, as prices surged to a six-week high. The move saw the token climb by as much as 12%, breaking out of a key resistance level in the process. Polygon also moved higher, as it raced towards a recent price ceiling.
Ethereum Classic (ETC)
Ethereum classic (ETC) rose to a six-week high on Saturday, as prices rallied by as much as 14%.
Following a low of $17.94 on Friday, ETC/USD raced to a peak of $20.68 earlier in today’s session.
As a result of today’s move, ETC broke out of a key resistance level of $20.00, hitting its highest point since November 26 in the process.
ETC/USD – Daily Chart
Looking at the chart, today’s surge came as the 10-day (red) moving average crossed over its 25-day (blue) counterpart.
Recent rallies have also pushed the 14-day relative strength index (RSI) close to overbought territory, with the indicator tracking at its highest point since last August.
Earlier gains have already begun to fade, with previous bulls likely moving to take profit at the level.
Polygon (MATIC) was another notable gainer to start the weekend, with the token climbing for a second straight day.
MATIC/USD raced to a high of $0.8105, which is over 3% higher than Friday’s low at the $0.774 mark.
Today’s gain has pushed polygon closer to a key resistance level of $0.8200, which was last hit on December 27.
MATIC/USD – Daily Chart
As can be seen from the chart, today’s surge has also led to a collision with a ceiling on the RSI, with the index hitting its resistance of 49.00
Due to this, earlier gains have somewhat eased, and as of writing, MATIC/USD is trading at the $0.8039 point.
In order for MATIC to extend recent gains to a third session, price strength will first need to overcome the 49.00 ceiling on the RSI.
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Could polygon rally beyond this resistance level in the coming days? Let us know your thoughts in the comments.
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.
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