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ETC Price Analysis: Bears still hold the market

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The Classic Ether token- ETC ranks 22 among the major cryptocurrencies. The price of ETC at the press time was $4.861 with a market cap of $564 million. The 24-hour trading volume was $526 million. BigONE, IDAX and Dcoin contributed to a total of $80 million in trading volume, via the ETC / USDT trade pair.

1 Hour Chart

1 Hour price analysis of ETC
Source: ETC / USD TradingView

The one hour chart showed an uptrend extending from $4.054 to $4.828 and a downtrend from $5.263 to $5.082. The support was held at $4.824 and the resistance was at $5.003.

Parabolic SAR: The dotted line above the candlesticks was showing a downward movement indicating that the coin was in a bear market.

Chaikin Money Flow: The CMF line seemed to have crossed the zero line and breached the -50-line indicating that there was an over-out-flow of the capital at the press time and was undergoing a bearish sentiment.

MACD: The MACD line seemed to be below the signal line indicating that the coin was under a bearish trend.

1 Day Chart

1 day price analysis of ETC
Source: ETC / USD TradingView

The daily analysis showed a downtrend extending from $6.699 to $5.223 without any uptrend. The support was held at $4.239 and the resistance was at $5.072.

The Bollinger Bands seemed to be traveling parallel for some time indicating neutral volatility of the coin.

The Awesome Oscillator indicates that the coin, with a slow momentum, is entering the bearish market.

Relative Strength Index: The RSI line is slightly over the 50-line meaning that the coin was in the bullish sentiment with a slight increase in the pressure among the buyers.

Conclusion

The indicators in the short term chart and the awesome oscillator in the long term chart suggested that the coin was in the bearish market.

 

 

 

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