Ethereum Classic Price Analysis: ETC Volume / Market Cap Exceeds

ETC bounced from the support of $20.60
  • ETC price bounced from $20.60 to $29.96 on Friday’s trading session
  • The 24-hour volume in ETC is at $6,532,152,770 with a 223% increase which exceeds the Volume / Market cap by 1:86
  • The ETC/BTC pair was trading at 0.0004969 BTC with a gain of 38.56%

The 4-hour technical chart of ETC price forecasts an uptrend. According to pivot points, ETC’s critical support level is placed at $20.50. Whereas if it moves up, the key resistance level to watch is $35.0. While diving into the weekly chart of a 4-hour time-frame, it completes a bullish engulfing candlestick pattern representing bulls are in control.

EMA- (8,13,21,55) acts as another strong support in the coin. EMA-8 (blue) is above EMA-13,21 (green, yellow), which projects a positive trend. The price is way above 55-EMA (red). Investors may perceive positive crossover in the EMA, and the price will also follow the positive trend.

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RSI indicator (BULLISH), with a value of 73.70, indicates an overbought situation in the coin. Moreover, Investors can see a downward slope from 89 to 73 in the index, and it may cool down in future trading sessions.

The volume of (52.84K) represents a vast selling volume which is above the Volume MA (29.37K) of 20-days. Buying pressure is required in ETC to drive its price to higher levels.

Indicators Suggest A Slight Cool down In ETC Price

ETC Price traded at $29.96 with a gain of 35% in the last 24-hour and 59.50% up in the weekly time-frame. Furthermore, ETC bounced from the support of $20.60. In contrast, the market capitalization stands at $3.55 billion. Technically, investors can perceive a positive crossover in the EMA, and the price sustains above all the EMA. RSI index showcases a downward slope. Moreover, the price movement can be towards the resistance of $35.0 in future trading sessions.

Resistance: $35.0

Support: $20.60

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Nikhil Ingole
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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