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ETC Price Analysis: Fight between the bulls and bears to take their place

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The Classic Ether token- ETC ranks 23 among the major cryptocurrencies. The price of ETC at the press time was $4.905 with a market cap of $567 million. The 24-hour trading volume was $622 million. BigONE, FatBit, Dcoin, and BW.com contributed to a total of $120 million in trading volume, via the ETC / USDT trade pair.

2 Hour Chart

Source: ETC / USD TradingView

The two-hour chart exhibited an uptrend extending from $4.068 to $4.784 and a downtrend from $5.278 to $5.104. The support was held at $4.818 while the resistance stood at $5.013.

Parabolic SAR: The dotted line seemed to be moving down meaning that the coin was facing a bearish sentiment.

Awesome Oscillator: The green bars with very little momentum had begun to rise indicating that the coin was facing a bullish sentiment.

Chaikin Money Flow: The line was below the zero line indicating a higher outflow of the capital in the market placing the coin in the bearish sentiment.

1 Day Chart

Source: ETC / USD TradingView

The one day chart exhibited an uptrend extending from $4.530 to $5.494 and a downtrend from $9.751 to $5.293. The resistance was at $6.578 while the support was at $5.504.

The Bollinger Bands had just begun to start converging making the coins less volatile.

The MACD line was swaying over the signal line suggesting that the coin was facing a bullish sentiment but both the lines were very close to each other.

Relative Strength Index: The line was just over the 50-line indicating a higher buying pressure and placing the coin in the bullish market.

Conclusion

The MACD and RSI indicator in the long term chart and the Awesome Oscillator in the short term chart indicated that the coin was under a bullish influence but since the volatility of the coin was reduced, it may soon enter the bearish market.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.