Biggest Movers: ETC up 80% in the Last Week, as Loopring Gains 42% on Wednesday
Loopring was trading by over 42% on Wednesday, overtaking QNT as the world’s 65th largest crypto in the process. This came as ethereum classic was trading 10.30% higher on the day, taking its one week gain to over 80%.
On Wednesday, loopring (LRC) rose to its highest level in three months, a move which saw it cement itself as the world’s 65th largest cryptocurrency.
Following a low of $0.8075 on Tuesday, LRC/USD rallied to an intraday high above $1.21 during hump-day.
Today’s move came as LRC has consolidated for the last few months, moving between support of $0.6222 and resistance of $0.8889.
However, prices finally broke out of this range today, coming after bulls piled on the pressure, once the floor in the 14-day RSI of 51.16 failed to break.
Looking at the chart, price strength then rose to a high above 71, which is the most overbought it has been since November.
Despite this, history has shown that the RSI can go to as high as 91, so although it is now relatively overbought, there could still be further gains in loopring (LRC).
Ethereum Classic (ETC)
Ethereum classic (ETC) was over 10% higher earlier in the session on Wednesday, as prices continued to hover close to a five-month high.
ETC/USD rose to an intraday peak of $54.07 during Wednesday’s session, which was marginally below yesterday’s high of $54.37.
That was the most ETC has traded since November last year, as markets were falling from a then-high of $65 in that month.
During the past ten days, ETC has rallied from support of $25, gaining by almost $30 during that period, which is just over an 80% rise in value.
This comes as the 14-day RSI indicator rose to its highest point since August, moving marginally above the 86.04 level in the process.
As seen from the current chart, momentum has since slowed, with a selloff ensuing, as traders likely took profits after climbing to today’s peak.
Does this afternoon’s selloff signal a reversal in momentum for ETC? Let us know your thoughts in the comments.