Posted on: 14. January 2023 Posted by: admin Comments: 0

• Shiba Inu (SHIB) hit a six-week high, as the global cryptocurrency market cap surged.
• Ethereum Classic (ETC) moved to a two-month high, with prices climbing closer to a resistance of $23.00.
• The 14-day relative strength index (RSI) moved past a ceiling of its own at 68.00, indicating a potential move to new highs.

The global cryptocurrency market was abuzz on Friday, as two of the market’s most popular coins soared to new heights. Shiba Inu (SHIB) and Ethereum Classic (ETC) both saw impressive gains, as the cryptocurrency market cap surged.

Shiba Inu (SHIB) was one of Friday’s biggest gainers, as the meme coin raced to a six-week high. Following a low of $0.000009227 on Thursday, SHIB/USD raced to an intraday peak of $0.000009711 earlier in today’s session. This pushed the token to its highest point since December 5, when it traded as high as $0.00001016. The surge came as shiba inu climbed beyond a ceiling at the $0.00000945 mark, and the 14-day Relative Strength Index (RSI) moved past a ceiling of its own at 68.00. At the time of writing, the RSI was tracking at 71.74, which is deep in overbought territory.

Ethereum Classic (ETC) was another big gainer in today’s session, with prices moving closer to a two-month high. ETC/USD rose to a high of $21.76 earlier in the day, less than 24 hours after hitting a bottom at $20.02. This move pushed the token to its strongest level since November 10, when ETC hit a resistance of $23.00. As can be seen from the chart, bulls appear to be attempting to take ethereum classic back to this point, if recent bullish momentum can be sustained. This will likely be made difficult by a resistance level of 67.00 on the RSI, which hasn’t been broken since last August.

Overall, the gains in Shiba Inu (SHIB) and Ethereum Classic (ETC) were indicative of the overall strength in the global cryptocurrency market. As inflationary pressures continued to cool off in the US, the market cap saw a sharp increase, with SHIB and ETC leading the way. As investors continued to pour into the market, it remains to be seen if the two coins can continue their recent momentum and break new highs.