Crypto Rally: Ethereum Classic & Polygon Surge to 6-Week High

• Ethereum Classic (ETC) surged 14% to hit a 6-week high on Saturday.
• Polygon (MATIC) also moved higher, racing towards a recent price ceiling.
• Ethereum Classic broke out of a key resistance level of $20.00, while Polygon collided with an RSI ceiling of 49.00.

The weekend started off with a bang for cryptocurrency traders, as Ethereum Classic (ETC) and Polygon (MATIC) saw substantial gains. Ethereum Classic surged to a six-week high, while Polygon raced towards a recent price ceiling.

Ethereum Classic saw prices rally by as much as 14%, breaking out of a key resistance level of $20.00 in the process. The token had been trading at a low of $17.94 on Friday, before bouncing back to a peak of $20.68 earlier in today’s session. The surge also saw the 10-day (red) moving average cross over its 25-day (blue) counterpart, and the 14-day relative strength index (RSI) close to overbought territory.

Polygon (MATIC) was another big mover on the day, with prices climbing for a second straight day. MATIC/USD raced to a high of $0.8105, which is over 3% higher than Friday’s low at the $0.774 mark. This move pushed polygon closer to a key resistance level of $0.8200, which was last hit on December 27. A collision with a ceiling on the RSI was also seen, with the index hitting its resistance of 49.00.

Both Ethereum Classic and Polygon have seen substantial gains to start the weekend, and traders will be closely watching to see if these tokens can extend their recent moves. Ethereum Classic needs to hold above the $20.00 resistance level, while Polygon needs to break through the RSI ceiling for further gains. If these levels can be breached, then the tokens could see further upside in the near term.