- ETC price showed weak momentum, with ADX at 13.20.
- EMA lines highlighted a possible upsurge ahead for a clear directional trend ahead.
Ethereum Classic (ETC) price remained sideways around the $18 mark. The ETC price was poised for a bounce in the coming sessions.
A symmetrical triangle pattern emerged on the chart, conveying a possible upsurge toward $22 next. However, the trend was weak, and indecisiveness among the market participants was observed.
However, the mixed signals from the price action and investors’ skepticism highlighted a question. The question was about how long the consolidation will continue.
ETC Investors Stand Unsure
Ethereum Classic price could continue the sideways movement in the coming sessions. However, it has formed a symmetrical triangle pattern and is on the verge of unlocking a directional trend ahead.
In case of a successful close above the $21 mark, a significant upmove could be seen in the following sessions. However, a break below $18 would result in an extended downfall.
In a recent tweet, Cryptolusionist, a crypto analyst, said that ETC crypto has bounced off from the trendline support. Also, a massive surge above the $20 mark may be seen ahead.
ETC crypto was trading at $19.20, noting an intraday surge of over 0.20%. It witnessed flat movements over the past 24 hours. The social dominance data activity highlights a decline in user engagement on the media platforms.
With the decreasing investor interest, the market participants seem unconfident in buying ETC. A decline in media buzz evidenced this. Also, the number of Twitter followers dropped significantly. This displayed an adverse market interest.
ETC Price Prediction: Is a Range Breakout On the Horizon?
ETC price prediction on a daily time frame conveyed a mixed outlook. Most of the technical indicators represent neutrality.
The Relative Strength Index (RSI) curve stayed close to 51, representing a neutral view. However, a hidden bullish divergence emerged, but confirmation was still due.
Going forward, the Moving Average Convergence Divergence (MACD) indicator plotted small red bars on the histogram. This reflected a lack of buyer accumulation.
Additionally, the Average Directional Index (ADX), representing the trend’s strength, was below 20. It revealed the weak buying strength. Until the altcoin does not cross the $21 mark on a closing basis, it may remain sideways ahead.
Moreover, the Sharpe Ratio readings also added a neutral outlook. The value stood close to the midline zone, around 0.10, which displays an unclear market direction.
Notably, the Sharpe ratio dropped significantly in the past few sessions. Also, profit booking was noted at the higher levels. Data from Coinglass indicated that the Open Interest (OI) has risen over 1.57% to $104.73 Million over the last 24 hours.
Also, the OI-weighted funding rate remained positive for the last two weeks. This revealed the bullish market cues for the following sessions. The immediate support zones for ETC crypto were $18 and $17. At the same time, the upside barriers were $20 and $21.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.