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- After avoiding a downfall below the price level of $5.00, ETC has made significant price recovery actions in the market.
- The cryptoasset has managed to surpass the major resistance level of $5.30 with the bullish move
- However, the ETC/BTC pair is trading negative with the loss of -1.32% bringing the current price level to 0.00047137 BTC and providing mixed sentiments for the coin.
Ethereum classic has finally managed to beat the major resistance level of 5.30 with the help of the overall bullish sentiment in the market. The digital asset might have entered a consolidation phase between the price range of $5.00 to $5.10 as there was huge significant momentum made from the past few days.
As the weekly chart reflects, the current positive move has provided new price levels to the crypto asset for this month which can be categorized as a positive sign further ahead in the market. The CMP is at $5.72 with the market capitalization of $619,738,089 and the 24-hour volume traded of $633,520,664. To capitalize on the current bullish move, the digital asset must target the price level of $6.00.
Technical levels Look Strong to Reclaim $6.00
The technical chart reflects on the price recovery momentum built by the ETC in September after facing a downtrend from its 90-days high of $8.00. The recovery momentum faced minor corrections and the levels sustained in order to avoid any further downfall. However, later the sustainability was looking turning into consolidation but the bulls made a comeback just at the right time. The current positive move helped the price levels to break above 0.382fib level and now are strongly targeting 0.5 ($5.70).
Relative strength index levels are showcasing positive nature and look sustainable as of now. The current level stands at 57.22
The commodity channel index has also made huge recovery actions in the graph from touching the depth of the oversold region to the overbought. The current level stands at 133.25
Where Ethereum Classic Can Be Headed?
The ongoing uptrend must provide a positive break about the price mark of $6.00. However, the cryptoasset can face profit booking momentum soon after the price level is claimed. On the downside, if the corrections arrive for the cryptoasset, it must avoid any downfall below the price level of $5.30.
RESISTANCE LEVEL: $6.00
SUPPORT LEVEL: $5.40
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
