ETC rose by over 10% to start the trading week, as prices rose to a two-week high on Monday. FTM also saw its value increase during today’s session, climbing by nearly 20% earlier in the day.
ETC was one of the most notable gainers during Monday’s session, as cryptos were mostly in the green to start the week.
Following a low of $20.56 on Sunday, ETC/USD surged to an intraday peak of $23.65 earlier in the day.
Prices have now risen for three consecutive sessions as ETC continues to move away from its recent support level at $19.50.
Since moving away from this floor, prices are now hovering slightly below resistance of $24.10, with the RSI also at a ceiling.
Looking at the chart, the Relative Strength Index is currently tracking at a resistance point of 45.70, which hasn’t been broken since early April.
ETC has spent the majority of the year trading above $25, and should it head back towards that point, the RSI ceiling must give way.
Whilst ETC was one of the most notable movers on Monday, FTM was undoubtedly the biggest, as prices rose by nearly 20%.
FTM/USD rallied to an intraday peak of $0.5183 earlier in the day, which is the most it has traded at since May 10.
This almost two-week high comes following a rally at the price floor of $0.3100 five days ago, as FTM was deep in consolidation.
Since then, prices are now closer to resistance of $0.6000, which is an area prices haven’t hit in the past two weeks.
Similar to ETC, we may not see this ceiling hit unless price strength increases, however the RSI is also hovering below a ceiling of its own.
Traders will now wait to see if this week will be different to last, with either bulls or bears taking charge of market direction.
Do you expect consolidation to continue this week? Let us know your thoughts in the comments.