ETC Price Reaches Critical Resistance Area Of $5.80 With Bullish Momentum

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Ethereum classic is showing significant positive movement in today’s market by having an overall gain of 4.21%.
  • It looks like ETC bulls are back in the market and a successful closing above $6.00 mark can prove that.

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Source: Coinmarketcap

On the 7-Day weekly chart, ETC started at a price level of $5.20. But due to the heavy downtrend in the market, it went to the support level of $5.00. 

On reaching the level of $5.00, the main aim of the altcoin was to break the major mark of $5.00 again. It was successful in breaking the mark but now able to sustain above that. 

On the 1-day current chart, it started with the level of $5.50 and is looking able to break $5.80 level. Currently, it is able to sustain above the mark with the current price of $5.60. The market capitalization is $656,125,426 and volume traded of $1,689,827,018 for the altcoin. 

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Source: Tradingview

The technical chart reflects on the neutral momentum faced by ethereum classic during the past few days. After reaching the support level of $5.50, the price of ETC can have the boost to cross the level of $5.80 

The technical indicators suggest that now Ethereum classic bulls are here to build sustainable bullish momentum. Fib retracement levels are climbing up from 0.236 level. If the retracement levels reach 0.5 level, it will favor ETC bulls immensely. 

The 24hour-RSI is also reaching a strong level of 70 which is positive for bullish momentum. 

The 24hour-CCI is just about to reach overbought territory and a negative divergence will ensure the sustainability of the bullish movement. However, if CCI remains in the overbought region for a long duration, bears might comeback for ETC. 

MACD levels also indicate an upcoming bullish momentum as the levels are in the bullish zone. 

Resistance level: $5.80

Support level: $5.60 and $5.50 

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