OCTA Levels, BTC FOMO & Nation-State Panic
Ethereum Classic (ETC) is currently experiencing a rise in its market price, gaining 13.99% in the last 24 hours, according to data from CoinMarketCap.
Following the ETC’s dip in the last two days, it appears the bulls have retaken control of the market, pushing the coin to trade above the $20 mark for the first time since April.
ETC’s Price Action In June
Ethereum Classic has found a place among the headlines in the last two weeks following its initial bearish form at the start of June. ETC began the month trading around $18.01 before experiencing a nosedive which saw the token trade as low as $13.99 on June 10.
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Thereafter, ETC would rise to $15.03 and hover around this price region for the next few days before embarking on a bullish run that to gain by 28.60% between June 20 and June 24, hitting the price resistance level at $19.33.
The following days would then present a mixed price action before ETC finally retraced to its key support level at $17.64 on June 29. After retesting at this price zone, ETC’s price has resumed its uptrend, climbing higher since then.
Ethereum Classic (ETC) remains one of the major projects in the cryptocurrency space. Launched in July 2016, Ethereum Classic is a hard fork of Ethereum created to preserve the purpose and integrity of the original Ethereum network.
At the time of writing, ETC is exchanging hands at $20.90, with a 1.51% gain in the last hour. The token’s 24-hour trading volume is currently valued at $482 million, having also gone up by 208.92%.
ETC Trading At $21.03 On The 1-Hour Chart | Source: ETCUSD Chart On Tradingview.com
ETC Price Analysis And Prediction
Looking at the ETC’s hourly chart, its Moving Average Convergence Divergence (MACD) remains well above the signal line indicating the token’s bullish run may still be on.
However, its Relative Strength Index (RSI) is currently in the overbought zone at 89.71, meaning a selling pressure may soon occur, which may drive down the token’s price.
Related Reading: Ethereum Continues Uptrend As Staked ETH Soars To New High
According to the prediction site, WalletInvestor, if the bulls manage to sustain buying pressure, ETC’s price would experience only a small rise reaching the market value of $21.42 in 14 days.
However, if the reverse is the case, and ETC falls under bearish pressure, the team predicts the token to fall to a market price of $18.00.
That said, most of the crypto markets are also on an uptrend alongside Ethereum Classic (ETC). Market leader Bitcoin (BTC) is up by 0.87% in the last day, while other notable coins such as Cardano (ADA) and Solana (SOL) are also gaining by 7.41% and 6.72%, respectively.
Featured Image: The Guardian Nigeria, chart from Tradingview.
