- The ETC chart shows the 50 and 100-day EMA could give a bearish crossover
- The ETC/BTC pair trades at 0.008937 BTC with a loss of 0.86%
- The 24 hr volume for ETC coins is $8949. Million, indicating a 22.83% loss
As mentioned in my previous article on Ethereum Classic, the coin price bounced from the $44 support with a double bottom pattern and provided a quick target to the $55 mark. However, this target was reached two weeks ago, and the price is still struggling to breach this overhead resistance.
Concerning the EMAs: The ETC price is trading above the crucial 200 EMA, indicating the uptrend is still intact. However, the chart also shows a bearish crossover of the 50 and 100 EMA, attracting even more sellers in this coin.
The RSI value is at 52, indicating a slightly bullish sentiment within ETC coins. Moreover, the RSI has shown impressive growth concerning the recent price action.
The ETC Coin Is Wavering Below The $55.5 Resistance.
As mentioned above, since October 2, the ETC coin has been fluctuating below the $55.5 resistance, creating a narrow range in its chart. This consolidation is a no-trading zone for the crypto traders, and proper direction move can only be expected once the price provides a decisive breakout from this range. The ETC coin is currently trading at $54.47, with an intraday gain of $0.26%.
The moving average convergence/divergence(MACD) indicator shows the MACD and signal lines are precisely moving on the neutral zone (0.00), indicating the neutral momentum in the coin.
Conclusion: from a technical perspective, the ETC coin is still under a short-term downtrend, and it seems the price is having a hard time breakout from the $55.5 resistance. Thus, the crypto traders should be patiently watching the coin now and let it show a proper trend before entering the market.