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ETC Price Analysis: The coin continues its downtrend

Cryptocurrency

The Classic Ether token- ETC ranks 23 among the major cryptocurrencies. The price of ETC at the press time was $4.735 with a market cap of $551 million. The 24-hour trading volume was $650 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

Source: ETC / USD TradingView

The two-hour chart exhibited an uptrend extending from $4.060 to $4.780 and a downtrend extending from $5.259 to $4.280. The support was held at $4.718 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 red bars with very little momentum had begun to rise indicating that the coin was facing a bearish sentiment.

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

1 Day Chart

Source: ETC / USD TradingView

The one day chart exhibited an uptrend extending from $4.517 to $5.597 and a downtrend from $9.714 to $5.325. The resistance was at $6.594 while the support was at $5.489.

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

The MACD line and the signal line had just experienced a trend reversal and the MACD line was slightly below the signal line and the coin was under a bearish trend.

Relative Strength Index: The line was dipping below the 50-line indicating a higher selling pressure and placing the coin in the bearish market.

Conclusion

All the indicators (both short term and long term combined) suggested that the coin was under a bearish influence as the price had begun to drop.

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