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ETC Price Analysis: Will Ethereum Classic bulls falter or is this the start of an uptrend?


www.thecoinrepublic.com 29 May 2022 03:25, UTC
  
Reading time: ~2 m

•ETC/USD is currently transacting at $22.53 and has increased by 1.52% over the past day

•The trading volumes have decreased by 29.70% over the past day 

•The technical indicators suggest a positive outlook for the near term 

Short Term View: Technical indicators vindicate the bullish sentiments for Ethereum Classic Token 

Source: ETC/USD by TradingView 

The Ethereum Classic price today is $22.53 USD with a 24-hour trading volume of $535,292,357 USD. Ethereum Classic Token is up 1.52% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.176 for the asset. 

Ethereum Classic has depicted choppy price action over the past few days as it trades above the 50 SMA but below the 20 SMA on the four hour chart. Today’s price action has provided some respite to the investors as Ethereum Classic Token is showing signs of improvement. The bulls are currently attempting to defend the $20 support level, which is of utmost importance to them. If the price turns up from current levels and breaks above the 20-day SMA, it will indicate that the ETH/USD pair may have bottomed out. On the flip side, the resistance for the asset resides at $25 in the event of the continuation of the uptrend. 

Long Term View for Ethereum Classic Token 

Source: ETC/USD by TradingView 

The technical indicators for Ethereum Classic have provided some relief to the investors as the RSI has recovered from the oversold levels. The RSI is currently transacting at 44.83, thus giving off a neutral signal. The presence of green histograms comes as a result of bullish endeavors which have borne fruit in recent days. The MACD and signal lines are gaining traction as well as they continue to head towards the zero mark. 

Conclusion 

The technical indicators provide a basis for the Ethereum Classic bulls to overcome the bears and go on a sustained rally. The next couple of days will provide us with an insight into the future course of the coin. 

Support: $20-$15

Resistance: $25-$30

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.


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