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ThecoinrepublicAltcoinsEthereum Classic Price Analysis: Bull...
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Ethereum Classic Price Analysis: Bull Rally Could Push ETC To $200

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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

Source: Trading view

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

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Nancy J. Allen
Nancy J. Allen
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and a minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
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