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- The ETC chart shows the 50-and-100-day EMAs are on the verge of giving a bearish crossover
- The ETC/BTC pair trades at 0.008935 BTC with a loss of 3.33%
- The 24-hour volume for ETC coins is $771.5 Million, indicating a 14.2% gain
As mentioned in my previous article on Ethereum Classic, the coin price was experiencing strong resistance from the $56 mark. However, even though two weeks have passed, the coin is struggling to cross this overhead resistance. The chart also displays a long wick shooting star candle, which indicates the intense selling pressure above this level.
Concerning the EMAs: The ETC price is trading above the crucial 20, 50, 100, and 200 EMA, indicating the uptrend is still intact. However, the chart also shows the 50 and 100 EMA can soon provide a bullish crossover, attracting even more buyers in this coin.
The RSI value is at 54, indicating a slightly bullish sentiment within ETC coins.
The ETC Coin Is Resonating In A Small Range.
The ETC coin has been oscillating between $55.5 to $51.7 since October 2, creating a narrow range on its chart. This consolidation is considered a no-trading zone by crypto traders. A proper direction move can only occur if the price breaks out of this range. The ETC coin trades at $56.02, with an intraday increase of 1.1%.
The moving average convergence/divergence indicator shows the MACD and signal lines are wavering around the neutral zone(0.00) due to the sideways movement in the price, indicating the neutral momentum in this coin.
Conclusion: Technically, the ETC coin remains in a short-term downtrend, and as mentioned above, the price seems to be having trouble breaking the $55.5 resistance. Thus, the Crypto traders should be patient and wait for the coin to show a proper breakout from either level of this range before entering the coin market.
Support $51.5
Resistance $56
