- ETC coin price is hovering around the supply zone on a daily time frame.
- The coin price is forming a symmetrical triangle pattern on a daily time frame.
- The pair of ETC/BTC is trading at the price level of $0.000736 with a decrease of -0.97% in the last 24 hours.
ETC coin price is at make or break level. The coin price is currently trading at the supply zone after bouncing from the demand zone. The coin price is forming higher high and higher low structure on a daily time frame. At present, the coin price has managed to sustain at the supply zone as it started consolidating.
ETC Coin Price Holds off Bearish Pressure
Despite a shock bearish trend in the cryptocurrency market amid recent bank collapses, ETC coin managed to maintain its position above the long-term demand zone. On a daily time frame, the coin price is displaying continued movement in the trend. ETC coin price is currently trading below the 50- and 100-day moving averages.
ETC coin price is trading below key MAs. Moving upwards, the coin price can be seen facing strong bearish pressure from these MAs. Currently, ETC coin price is trading at the lower band of the Bollinger band indicator after failing to surpass the supply band. Volumes have been normal as the coin price consolidates.
The ETC Coin Price is Forming a Symmetrical Triangle Pattern on a Daily Time Frame
On a daily time frame, ETC coin price turned bearish after failing to bounce from the demand zone, forming a strong bearish candlestick pattern. Recent bearishness caused ETC coin price to fall below the critical short-term demand zone. Previously, ETC coin price was in the high demand range. As the coin price approaches the super-trend sell line, it will be rejected. As of now, the coin price is consolidating, and breakout from a symmetrical triangle could result in the supertrend indicator triggering a buy signal.
Recent movement in the price of ETC coins seems to be bullish on a weekly time frame as the MACD indicator has triggered a positive crossover. The orange line crossed the blue line on the upside indicating bullish momentum in the upcoming days. If the coin price can sustain above the current short-term demand zone, the MACD indicator can be seen moving higher. If the ETC coin price fails to hold the current price level and falls below the demand zone, the MACD line can be seen triggering a negative crossover.
ETC coin price has been on a rise for the past couple of days and recently it started consolidating near the supply zone. As a result the ADX curve also fell, depicting the consolidation.
Conclusion: ETC coin price is hovering around the supply zone on a daily time frame. The coin price is moving in trend. Technical parameters are indecisive due to sideways movement. It remains to be seen if the coin price will break the chart pattern on the upside or break the demand zone.
Support: $17.5 and $16.1
Resistance: $21.90 and $25.97
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss