{"id":15713,"date":"2022-12-21T17:07:42","date_gmt":"2022-12-21T17:07:42","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/etc-moves-away-from-multi-month-lows-as-xmr-extends-recent-gains-market-updates-bitcoin-news\/"},"modified":"2022-12-21T17:07:42","modified_gmt":"2022-12-21T17:07:42","slug":"etc-moves-away-from-multi-month-lows-as-xmr-extends-recent-gains-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/etc-moves-away-from-multi-month-lows-as-xmr-extends-recent-gains-market-updates-bitcoin-news\/","title":{"rendered":"ETC Moves Away From Multi-Month Lows, as XMR Extends Recent Gains \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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.<\/strong><\/p>\n

Ethereum Classic (ETC<\/a>)<\/h2>\n

Ethereum classic (ETC<\/a>) rose for a second straight day on Wednesday, as markets responded to better-than-expected U.S. consumer confidence data.<\/p>\n

Today\u2019s figures, which were initially expected to come in at 101, came in higher than anticipated, with a reading of 108.3 in December.<\/p>\n

As a result of today\u2019s data, ETC<\/a>\/USD raced to a peak of $16.64 earlier in the day, which is nearly 5% higher than Tuesday\u2019s low at $15.59.<\/p>\n

\"Biggest
ETC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, the move came as price continued to move away from Monday\u2019s bottom of $14.74, which was the lowest point ETC<\/a> had hit since July.<\/p>\n

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.<\/p>\n

The index now seems set to collide with a resistance at 41.00, which could mean that prices will begin to decline.<\/p>\n

Monero (XMR<\/a>)<\/h2>\n

Monero (XMR<\/a>) was another notable gainer in today\u2019s session, as prices surged for a fifth straight day.<\/p>\n

Following a low of $146.31 on Tuesday, XMR<\/a>\/USD surged to an intraday high of $148.16 earlier in the day.<\/p>\n

Wednesday\u2019s move now puts monero at its highest point since Friday, with the token closing in on a resistance level at $150.00.<\/p>\n

\"Biggest
XMR<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

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.<\/p>\n

Despite recent bullish sentiment, the 10-day (red) moving average now looks set to crossover with its 25-day (blue) counterpart.<\/p>\n

Should this move take place, then XMR<\/a> will likely move towards a floor around the $139 region.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Could bullish momentum continue throughout the week? Let us know your thoughts in the comments.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman 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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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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