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ETC price analysis: ETC above $51.8 support, higher prices to follow?

ETC price analysis

TL;DR Breakdown

  • ETC price analysis is sideways for today, up by 0.4%.
  • The coin is staying strongly above the $51.8 support level.
  • The price resistance is present at $54.75.

ETC price analysis is in a stagnant mood today and recorded the highest price at $53.5 and lowest at $51.8. The price movement seems to be in the bearish zone on the daily chart, but the overall bull rally will definitely stretch the price to the bullish zone. The ETC/USDT pair is up by 0.1%, and the CoinmarketCap data shows that the trading volume is down by 19%, currently residing at $682 million with a market dominance of 0.27%.

ETC price movement in recent days

The ETC/USDT pair has not seen quite a dramatic move like the other coins in October. The price of the coin increased by 14% at the start of the month. However, ETC has been showing stagnant behavior in the past three weeks. 

The price surged by 12% this month, rising from $46.6 to the highest of the month at $57.45. The coin is currently trading around $52.65.

ETC price analysis on the 24- hour chart using indicators

ETC price analysis is below 50-day and 100-day moving averages, but we can expect a bullish movement in the upcoming weeks. 

We can see that the Bollinger Bands is narrow, indicating a decrease in volatility which is visible in its stagnant attitude. We can expect a huge breakout from the lower end in the coming days.

ETC price analysis
ETC price analysis on the 1-day chart by TradingView

On the other hand, the RSI indicator displays a negative gradient which signals a higher selling pressure than the buying pressure. Also, as we can see that it reads below 50-level, bears are in control for now.

ETC price analysis: ETC above $51.8 support, higher prices to follow? 1
OMG price analysis on the 1-day chart by TradingView

ETC price analysis: Conclusion

With the purpose of preserving the Ethereum blockchain integrity, Ethereum Classic has been a known smart contract network. It hosts and supports decentralized applications (DApps).

The long-term ETC price analysis is definitely bullish as the coin has seen a surge of 12% in less than a month. However, the short-term analysis signals a bearish smell around the coin. As the unwritten rule, if Bitcoin witnesses an outburst with a breach in its current all-time high (ATH), we can expect further upward movement in the altcoins, including ETC.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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