- ETC lost its crucial support of 20USD
- The ETC price is 46% below its all time high
- Again possibilities of a bearish movement.
Ethereum classic (ETC) is a hard fork of Ethereum (ETH) that launched in 2016. Its main function is as a smart contract network, with the ability to host and support decentralized applications. Unlike ETH, ETC has no plans to convert to a proof of stake mining algorithm, while multiple developers continue to work on future improvements such as scaling solutions.
On analyzing the graph for ethereum classic it shows a downtrend on long and short-term while an uptrend on medium term, a falling wedge can also be observed over the daily graph. The ETC price crossed the crucial support of $20 two days ago, it fell 29.8% in the past five sessions, 50.4% in the past month and 46% in the last year.
The current price for 1 ETC is 20.72 with just a gain of 0.72% with a market capitalization of 2.7 billion, the price made a higher high of $22.58 in the past 24 hrs. ETC has a current volume of 448 million with a loss of 6.99% over the intra day trading session. While the market cap is 2.7 billion with a gain of 0.30% in it. The volume market cap ratio for ETC is 0.1619 and the ETC/BTC pair has a value of 0.000698 which is at an increase of 0.98%. The value of the 24 hrs moving average lies at $21.79.
While analyzing the graph for a short term (4 hrs), the indicators are giving a rough idea for a bearish movement as the MACD line has made a turn towards the MACD signal line and if the movement of the line continued as they are doing now, again there will be a bearish movement, however the relative strength index is not giving a clear indication regarding the movementum, while its value is less than 50 for now. The exponential moving average has a value of $21.
As it lost its crucial $20 support, the ETC seriously needs the bull’s support to stand in the market as it is still 46% down since it’s all time high.
As the price fell down very low it is a very good time for the bulls to buy the dip. While the indicators are not precise investors can wait as there are chances for the price to go down further.
Resistance: $24, $30
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.