Crypto Market Surges: SHIB & ETC Hit Multi-Week Highs

• Shiba Inu (SHIB) hit a six-week high on Friday as the global crypto market cap surged.
• Ethereum Classic (ETC) also extended its recent gains, hitting a two-month high.
• Both tokens saw their 14-day relative strength indices move into overbought territory.

Friday was a big day for the cryptocurrency market, as the global crypto market cap surged and both Shiba Inu (SHIB) and Ethereum Classic (ETC) extended their recent gains.

Shiba Inu (SHIB) was one of the day’s top performers, with SHIB/USD racing to a six-week high of $0.000009711. This marked the meme coin’s highest level since December 5, when it traded as high as $0.00001016. The move came as Shiba inu climbed beyond a resistance level of $0.00000945 on the chart. In addition, the 14-day relative strength index (RSI) moved past a ceiling of its own at 68.00, with the index tracking at 71.74 at the time of writing.

Meanwhile, Ethereum Classic (ETC) also had a strong day, with ETC/USD rising to a two-month high of $21.76. This was less than 24 hours after the token hit a low of $20.02. Bulls appear to be attempting to take ETC back to its resistance level of $23.00, which it last reached back in November. However, this could prove difficult, as there is a resistance level of 67.00 on the RSI which hasn’t been broken since last August.

Overall, Friday was a positive day for the crypto market, with SHIB and ETC both rising to multi-week highs. However, it remains to be seen whether these gains can be sustained, as both tokens are now deep in overbought territory on their respective RSI indicators.