Ethereum Classic Price Analysis: ETC Made A Life-Time High Of $49.67

ETC price bounced from $30.0 to $42.77 on Saturday's trading session
  • The 24-hour volume in ETC is at $12,276,649,785 with a 83.34% increase which exceeds the Volume / Market cap by 2:48
  • The ETC/BTC pair was trading at 0.0006921 BTC with a gain of 34.46%

Source: ETC/USD on TradingView

The 4-hour technical chart of ETC price forecasts an uptrend. According to pivot points, ETC’s critical support level is placed at $20.65. Whereas if it moves up, the key resistance level to watch is $42.0. While diving into the weekly chart of a 4-hour time-frame, it completes a bullish engulfing candlestick pattern representing bulls are in control.

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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.

RSI indicator (BULLISH), with a value of 70, indicates an overbought situation in the coin. Moreover, Investors can see a tiny downward slope from 80 to 70 in the index, and it may cool down in future trading sessions.

The volume of (104.38K) represents a buying volume which is above the Volume MA (55.09K) of 20-days. Buying pressure is maintained in ETC to drive its price to higher levels.

Indicators Suggest A Bull Run In ETC Price

ETC Price traded at $42.77 with a gain of 34.30% in the last 24-hour and 115.70% up in the weekly time-frame. Furthermore, ETC bounced from the support of $20.60. In contrast, the market capitalization stands at $4.87 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 needs to sustain above the resistance of $42.0 to achieve new targets in future trading sessions.

Resistance: $42.0

Support: $20.60

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Nikhil Ingolehttp://themarketperiodical.com
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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