• The price surges by almost 5%, amounting to $20.35.
• The trading volume rose by 32.8%, equating to $370.4 million.
• The ETC coin is the hard fork of ETH. 

The coin experiences a price rally amidst the market crunch where other currencies are fighting hard to barely survive. Even the parent currency of ETC itself is undergoing a bearish phase. It may be due to the shift in investors’ attention after witnessing such harsh circumstances and meltdowns. Users see potential in this coin as it provides some attributes of ETH and unique hints, which may strike the investor’s interest. 

The picturesque

The price forms the falling parallel channel. It will currently face resistance at $25.5; if it successfully breaks this resistance, it may establish a bullish breakout. It currently claims the 20-EMA and may soon escalate for the higher EMAs as the uptrend continues to form. We can also see a golden cross forming as 100-EMA crosses over the 200-EMA, indicating an uptrend in the short term. 

The price is preparing for the breakout. The CMF indicator rises above the 0-level marking the genesis of the uptrend. It may surge further and reach higher ranges as the trend continues. The RSI indicator also transitions from seller active to buyer active zone as it moves to the range closer to 50-mark. It may rally further as it will witness more active buying and even aim for the overbought zone. The MACD indicator converges to turn bullish with depleting red histograms. It may diverge for bulls as trends will form further. 

The peephole

The MACD indicator diverges with rising bars in green with a noticeable gap pertaining to the bullish momentum. The gap may continue to widen as the price gains pace. The CMF indicator shoots up to reach closer to 20-mark and signals strong bulls. The RSI indicator escalates to the zone closer to the 70-mark border and aims for the zone beyond it. 

Conclusion

The market is undergoing a frozen climate where it witnesses a crunch and major meltdowns. Such rallies provide some ray of hope to the crypto enthusiasts and intact their trust in the industry. It would have been better if such surges were backed by some strong foundations, but something is always better than nothing, and users’ interest may prove to be a strong backing.  

Technical levels

Support levels: $14.36 and $11.10

Resistance levels: $27.43 and $32.56

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and 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.