Avalanche rallied on Wednesday, as the token broke out of a key resistance level on its way towards a multi-month high. Crypto markets mostly rallied as the session progressed, following the release of the latest U.S. inflation numbers. Ethereum classic was one such token, as it moved closer to $40.
Avalanche (AVAX) was a big mover on Wednesday, as the token moved closer to its highest level since May.
Following a low of $26.71 on Tuesday, AVAX/USD surged to an intraday peak of $30.00 earlier in today’s session.
The move sees AVAX near Monday’s peak of $30.87, which is the highest point the token has hit since May 23.
AVAX/USD – Daily Chart
Today’s price rally comes as crypto markets reacted to the latest U.S. inflation report, which showed a decline from 9.1% in June to 8.5% in July.
As a result of this, the 14-day relative strength index (RSI) raced past a resistance of its own at 69, and is currently tracking at 71.40.
Although AVAX is already overbought, bulls may look to recapture Monday’s high before potentially retreating, giving way to bears.
Ethereum Classic (ETC)
Ethereum classic (ETC) was another notable mover in today’s session, as it rebounded following Tuesday’s decline.
Tuesday saw ETC/USD slip to a bottom of $35.75, however a day later, prices of the token surged to a peak of $38.94.
This increase in price has seen ethereum classic near a key resistance level at the $40.00 mark.
ETC/USD – Daily Chart
ETC has not broken past this ceiling since July 31, with bearish pressure preventing bulls from an escape beyond this threshold.
As of writing, the 14-day RSI is tracking at 65.84, which is marginally above support at 63.
Should ETC bulls want to push price to and above $40.00, the index will need to hit a reading of 69 and greater.
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Will ethereum classic climb above $40.00 this week? Let us know your thoughts in the comments.