This was because ethereum classical traded 10.30% higher that day, bringing its one-week gain to more than 80 strong>
Loopring (LRC).
loopring rose to its highest point in three months on Wednesday. This move saw it become the 65th largest cryptocurrency in the world.
LRC/USD rose to an intraday high of $1.21 after Tuesday’s low of $0.8075.
LRC’s consolidation over the past few months has seen it move between $0.6222 support and $0.8889 resistance. Today’s move was a result.
Today, however, prices broke out of the range after bulls piled pressure on the market, even though the floor at the 51.16 RSI for 14 days had not broken.
The chart shows that price strength rose to a peak above 71. This is the highest level of overbought since November.
Despite this, history shows that the RSI can reach as high as 91. So even though it is currently relatively overbought loopring (LRC) could still see further gains.
Ethereum Classic ( ).
Ethereum classic ( ETC) was more than 10% higher on Wednesday as prices remained close to their five-month high.
ETC/USD climbed to an intraday high of $54.07 on Wednesday, just slightly below yesterday’s peak of $54.37.
This was the highest ETC traded since November 2013, as markets fell from their peak of $65 that month.
ETC gained almost $30 in the last ten days from $25 support, just over 80% increase in value.
This is because the 14-day RSI indicator climbed to its highest point since August, just marginally surpassing the 86.04 level.
The current chart shows that momentum has slowed since then, with a selloff following, as traders most likely took profits after climbing up to today’s peak.