ETHEREUM CLASSIC Price Analysis: ETC Bears are Attacking, Bulls Need to Defend.
- The ETC is falling again amid the bearish dominance. The coin needs its bulls to support the ecosystem and to prevent price drop to the crucial support levels.
- The crypto asset is moving below the 20 50, 100 and 200 daily moving average.
- The ETC/BTC pair is at 0.0007627 BTC which is at a loss of 1.54% in it.
The ETC price after the accumulation of bulls has now started falling again over the daily chart following the traditional cryptocurrency BTC .This signifies the bearish take over of the market, the bears scattered the bulls’ progress and are again pushing the price back. As ETC is one the most popular cryptocurrency it has many investors, still it needs to manage buyers as it is moving very low as compared to its all time high in may 2021. The coin is calling bulls to rescue the token as the coin has enough potential to fill many wallets, the investors are waiting for any directional move in the market to enter the market.
The current price for one ETC is trading at $15.44 with a loss of 5.68% in its market capitalization in the last 24hrs. The coin has a trading volume of 251 million which is at a loss of 18.87% in the 24 hrs trading session and market cap of 2 billion. The volume market cap ratio for ETC is 0.1213.
Lets See What do Technical Indicators Suggest
The volume is trading below the average indicating the coin needs to attract more buyers to pump the price.
Besides that after the loss of 5.6%, the price is still trading above the 5 days simple moving average.
Other indicators like MACD are not giving any directional idea as we can observe a positive cross with a minute green histogram, but analysts believe that this can be a false signal as the relative strength index is indicating a selling pressure over the coin, as the RSI is facing a downward curve. The value for RSI is below 40. These past weeks have been very rough for the ETC and the whole crypto market.
Conclusion
The ETC price after accumulation of bulls has now started falling again over the daily chart following the traditional cryptocurrency BTC . The technical indicators superficially give an idea of bearish movement amid the selling pressure. These past weeks have been a hard time for the whole cryptocurrency market. The investors should be careful before taking any step.
Technical levels
Resistance levels: $17 and $18
Support levels: $14.5 and $13.1
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
