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- Ethereum classic trading volume has reached two times the market capitalization making the price reach $114.
- ETC price has seen a gain of more than 300% in less than a month. In contrast, the technical indicators suggest a halt from a bullish move.
Ethereum classic is currently ranked 16th with a market capitalization of $12,251,872,844.21. The market capitalization to volume ratio for the coin is 2.06. It has made ETC price touch the $100 mark.
Why Invest In ETC Coins?
Ethereum Classic (ETC) is a hard fork of Ethereum (ETH) which launched in July 2016. Its main function is as an innovative contract network with the ability to host and support decentralized applications. Ethereum classic is a legacy chain of Etherum, and its founders are the founders of ETH. ETC’s main aim is to preserve the ETH as it was originally before the hack. There is no separate team for ETC, but some of the original members are leading their way.
ETC price has currently seen a rise of more than 300% within a span of months. The reason behind this rally could be the surge in ETH.
Technical Indicator Suggests A Halt From Bullish Move
ETC’s weekly technical chart shows a strong bullish momentum. On coming to the daily chart, ETC price is above 100 and 50 Moving average. The 50 MA(Red) line is at $28.7, making it temporary support for the coin. It can face resistance while going up at $120. On the downside, a bounce-back can be seen from $80.There is a formation of a bullish engulfing pattern on the daily chart. The price can see a further move up before retracting back to lower levels. ETC price is aiming for $200 and can soon reach within no time.
RSI(Bullish): It is trailing at 95 while showcasing its presence in the overbought zone. There is positive slope formation, highlighting that price can see an uptrend in the upcoming days. ETC price may correct itself before going much higher.
Conclusion
ETC price grew 300% plus in less than a month. This rally can continue further upwards till $200. ETC/BTC pairs can also break past their previous barriers and see a new high being formed. Investors should do their due diligence before investing.
Technical Levels
Major Support:$80
Major Resistance:$120
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
