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Price Analysis of ETC: the coins are expected to have a positive break and face the bullish market

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The Crypto-fuel of Ethereum Classic blockchain- ETC ranks 22 according to the stats of Coinmarketcap. The value of ETC at the press time was $4.841 and its market cap was about $556 million. A major amount of ETC was traded by Coineal. It contributed a total of $75 million in trading volume, via the ETC / USD trade pair.

1 Hour Chart

1 hour chart analysis of ETC
Source: ETC / USD TradingView

The one hour chart showed an uptrend extending from $4.054 to $4.728 and a downtrend from $5.273 to $5.005. The resistance of this crypto asset stood at $4.923 and the support was held at $4.736.

The Bollinger Bands seemed to be converging more and more making the coin less volatile.

Relative Strength Index: The line was corresponding to the 50-line indicating that the pressure between the buyers and sellers was equal.

The MACD indicator showed that there has been a trend reversal numerous times since yesterday and was experiencing a bullish trend as the MACD line was above the signal line.

1 Day Chart

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

The daily chart exhibited a downtrend from $9.745 to $5.267 and an uptrend extending from $3.976 to $5.712. The immediate resistance was at $7.506 while the subsequent resistance was at $9.927. Similarly, the immediate support was held at $5.415 and the subsequent support was at $4.113.

Parabolic SAR: Since the dotted line was below the candlesticks was going up, we can say that the coin is in the bullish market.

The Awesome Oscillator shows that the coin was slowly experiencing some momentum, indicating that it is entering the bull market.

Chaikin Money Flow: The line seemed to have crossed the zero line and it is on its way towards the 40-line meaning that the capital was experiencing a major outflow in the bear market.

Conclusion

The MACD indicator in the hourly chart suggested that the coin is entering the bull market and the Parabolic SAR and Awesome Oscillator in the long term charts also suggested a positive outcome. Therefore, the analysis indicates that the coin is currently under the bullish trend.

 

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