ETHEREUM CLASSIC(ETC):Will Ethereum Classic Break It Self From The Barrier of $10?

  • Ethereum price is  trending in sideways market from 11 Jan 2020 with a minimal gain of 0.49% today.
  • Ethereum classic is trying to take a support above the price of  $8.348 from last 5 days.
  • ETC/BTC pair is trading above at the value of 0.0002112 BTC with an intraday gain of 0.38%
Source :Trading view

On the daily chart, Ethereum classic is currently in a sideways moment after testing major support level of $8.348 on the lower side,followed by a minimal returns for  week. The sideways movement of ETC has forced it to remain in between $8.243 and $10.24. The CMP of ETC is at $7.64 with an intraday gain of 0.49%.ETC is currently at 34 with the market capitalization of  $893,710,481.The volume of it has seen a fall of 15% in 24hr period

Technical Level Indicates A Bearish Momentum

ETC technical chart highlights a consolidation zone from the past few trading sessions with the decrease in flow  of Ethereum classic coin  from exchange. ETC is currently taking the support at 20 moving average.It has also formed Doji candles in the previous trading session.It indicates that price is in a mayhem .

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The Relative strength Index retraced itself back from the overbought zone and currently trading at the level of 57.63. It has formed no slope from quite a long time.It is currently indicating a upcoming bearish zone.

The Moving Average Convergence Divergence is in the Positive region. There can be a negative crossover in upcoming days.Bars of the histogram are of very lower lengths but in the positive zone.It currently indicates that bearish momentum can continue.

Source: Trading view

Conclusion:

Ethereum classic has seen an uptrend and downtrend in the past couple of trading sessions. It will be too early to say that ETC can again see an uptrend. Technical levels are in opposite side of ETC,but it has a strong fundamental value. It can be a plus point for ETC.

TECHNICAL LEVELS:

Major Support:$8.304

Major Resistance:$12.362 

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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