invezz.com
The cryptocurrency market has made a strong recovery during the past 24 hours. The prices of different cryptocurrencies have made a bold performance, and as buyers rush to take advantage of these gains, most of the market is now trading green.
Ethereum Classic (ETC/USD) is on a strong uptrend created during the past 24 hours. The token has rallied by 9.8%, and it was trading at $29.46 at the time of writing, according to data from CoinGecko.
Ethereum Classic makes an uptrend
Ethereum Classic will continue with the uptrend if buyer support remains strong. In this case, it will test the upper resistance level of $31. During the 24-hour rally, ETC has managed to breach $30, and if it takes such an action, it is primed towards breaching past $31.
If the buyer support is still high, the next target levels for ETC will be $35 and $38. The market support is high, allowing ETC to make a double-digit gain and reach these highs.
Ethereum Classic has been one of the worst-affected tokens during the recent downtrend across the cryptocurrency market. The token has failed to register any major gains or break out past crucial resistance levels. ETC is 82% below its all-time high of $167 created in May last year. The token needs to break out of the broader market support to reach such highs again.
Ethereum Classic will correct
The prices of cryptocurrencies tend to correct after the prices have been pumped. Therefore, if the current uptrend in the crypto space fails, ETC will drop towards previous levels. Before the 24-hour gains, ETC was trading at $26, and it could go back to these lows if support from the broader market weakens.
The token can also drop further towards $22. This will bring the token to a monthly low, and this could spook investors that will fear a greater plunge is looming. If the prices plunge further, ETC could go below $20, which is a dangerous low for the coin. Nevertheless, ETC has failed to break out of the broader market trend, hence a dip or a gain depends upon the broader market price gains.