ETC Bulls Maintaining Sustainability Against Negative Reversals Targetting $6

  • Ethereum Classic was able to break above the major resistance level of $5.50 on Thursday’s market session providing hope for reclaiming the crucial mark of $6
  • The ETC/BTC pair is also performing positive with a gain of 2.32% bringing the current level to 0.00043272 BTC
etc 1
Source: Coinmarketcap

The weekly price chart of Ethereum Classic signifies the halt of the bullish rally due to the major resistance level of $5.50. Before the past week, the price levels attempted to break above the same resistance mark and failed miserably resulting in facing significant negative reversals to the support level of $5.10. During the past week, the coin’s price movement was kind of consolidated to the range of $5.20 until the bears made a comeback in the overall market conditions which helped the price levels to beat the resistance mark with comfort. The CMP is placed at $5.61 with an overall gain of 2.22% bringing the market capitalization to $651,950,918 with the 24-hour volume traded having an increase of 13.64% over the day. 

Technical Levels Can Improve for ETC Bulls 

etc tech 1
Source: Coinmarketcap

The technical chart highlights the downtrend faced by ETC during the past month which is followed by immediate price recovery action. The price movement for this month has been pretty much consolidated for the digital asset. However, with the significant positive sentiment prevailing in the market, ETC is looking to new gains levels by the end of the month. However, the retracement charts show that the cryptoasset will be facing resistance which is placed at 0.618fib level. 

The moving average convergence and divergence (MACD) are still having consolidated levels after a bearish crossover. However, there is a bullish crossover at the tip of the levels which should provide bullish momentum. 

The relative strength index (RSI) made an unsuccessful attempt to reach the overbought region but trying to sustain the bullish levels standing at 62.44. 

The directional movement index is showcasing bullish nature as ADX(31.33) had a positive crossover with +DI(23.21). 

Can ETC Bulls Reclaim the Crucial Mark of $6 Again? 

The technical levels are not that much bullish for reclaiming the crucial level putting the sustainability of the bull in doubt. Also, the current levels are getting minor reversals from the price level of $5.70 which can allow the bears to make a comeback. 

RESISTANCE LEVEL: $5.70 & $6.00

SUPPORT LEVEL: $5.40 & $5.10

Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.

Download our App for getting faster updates at your fingertips.

Download our App for getting faster updates at your fingertips.

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.

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners

Most Popular

XRP’s Bearish Trend Proves Why It is One of the Preferred Cryptocurrencies

Popular altcoins such as Ethereum, XRP, Cardano, Chainlink, and Dogecoin observed their trading price soaring since the start of the month. XRP’s price...

NEM (XEM) Gaining Momentum, Bulls Set to Enter the Market

NEM Group recently announced the latest schedule for the launch of the mainnet Symbol on December 17, 2020EM noted the growth of over 56...

LISK [LSK] Anticipates Price Rise as Ascending Triangle Asserts Supremacy

The price volatility is re-entering in the cryptocurrency market in the past few weeks. Lisk is one such Low cap altcoin presently ranked at 60th...