• Shiba Inu (SHIB) moved to a six-week high, hitting its highest point since December 5.
• Ethereum Classic (ETC) extended its recent gains, moving closer to a two-month high.
• The moves came as the global cryptocurrency market cap surged, as U.S. inflationary pressures cooled off.
Friday was a day of bullish activity in the cryptocurrency markets, as both Shiba Inu (SHIB) and Ethereum Classic (ETC) made notable gains. SHIB, the meme coin, raced to a six-week high, hitting its highest point since December 5. Meanwhile, ETC extended its recent gains, moving closer to a two-month high.
The moves came as the global cryptocurrency market cap surged, as U.S. inflationary pressures cooled off. Although Bitcoin (BTC) saw only minor gains, altcoins were the stars of the day.
SHIB, the meme coin, began the day at a low of $0.000009227, before rising to an intraday peak of $0.000009711. This pushed the token to its highest point since December 5, when it traded as high as $0.00001016. Bulls appeared to be attempting to push shiba inu 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 index is tracking at 71.74, which is deep in overbought territory.
Ethereum Classic was also in the green, with price hitting 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. Bulls appeared 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, Friday was a bullish day in the cryptocurrency markets, with both Shiba Inu (SHIB) and Ethereum Classic (ETC) making notable gains. The moves came as the global cryptocurrency market cap surged, as U.S. inflationary pressures cooled off. Bulls appear to be attempting to take both tokens back to previous highs, if recent bullish momentum can be sustained. However, it remains to be seen if they will be able to break the resistance levels that are in place.