Biggest Movers: ETC Moves Away From Multi-Month Lows, as XMR Extends Recent Gains

Biggest Movers: ETC Moves Away From Multi-Month Lows, as XMR Extends Recent Gains Biggest Movers: ETC Moves Away From Multi-Month Lows, as XMR Extends Recent Gains  0

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.

Biggest Movers: ETC Moves Away From Multi-Month Lows, as XMR Extends Recent Gains1ETC/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.

Biggest Movers: ETC Moves Away From Multi-Month Lows, as XMR Extends Recent Gains2XMR/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: Tags in this story Analysis, ETC, Ethereum Classic, Monero, xmr

Could bullish momentum continue throughout the week? Let us know your thoughts in the comments.

Biggest Movers: ETC Moves Away From Multi-Month Lows, as XMR Extends Recent Gains  3 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.

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Updated: 12/21/2022 — 14:00

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