- The ETC market was corrected at the support of the 26-day EMA.
- On the upside, if the price is above the EMAs, the crypto’s price will rise to retest the $9.50 overhead resistance level.
ETC/USD Long-term Trend: Bullish
- Resistance levels: $8, $8.5, $9
- Support levels: $7.0, $6.5, $6.
The ETC/USD pair is back trading in the bullish trend zone. The 12-day EMA and the 26-day EMA are pointing northward indicating an uptrend. On June 2, the price of the Ethereum Classic reached the $9.5 overhead resistance level. The following day the bulls were resisted and the ETC market was on a downward correction.
The ETC market was corrected at the support of the 26-day EMA. The 26-day EMA support level was held as the bulls made an upward move. From the Fibonacci tool, the crypto’s price is above the 0.382 (38.2%) Fib. retracement level. The 0.236 and 0.382 Fib. retracement levels are the continuation zones for a trending market.
On the upside, if the price is above the EMAs, the crypto’s price will rise to retest the $9.50 overhead resistance level. However, if the bears pulled back price below the 0.382 Fib. retracement level, the coin will be in a downtrend.The stochastic is at the oversold region but above the 40% range which indicates that ETC price is in a bullish momentum and a signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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