ETHEREUM CLASSIC COIN PRICE ANALYSIS: ETC coin price is trading above the supply zone, will it continue the bullish trend?

  • The ETC coin price is trading at the demand zone, after breaking the supply zone.
  • The ETC coin price is forming a falling wedge pattern on a daily time frame. 
  • The pair of ETC/BTC is trading at the price level of 0.001889 with a decrease of -1.69% in the past 24 hours.

The ETC coin price is hovering above the supply zone, after breaking it in the prevailing week on a daily time frame. The coin price is forming higher high and higher low price structures on a daily time frame. The ETC coin price is trading near the breakout zone. Despite the breakout of the supply zone, the coin price is still in a bear trajectory on the weekly time frame. A recent breakout could indicate bullish momentum in the upcoming trading days. The recent breakout has resulted in the coin price showing rapid movement. The ETC coin price fell recently during the previous week’s selloff, as a result, the coin price could be seen retesting the breakout zone. The ETC coin price is trading above the 50 and 100 Moving Averages. The recent rise in the price of ETC coin price has resulted in the coin price moving above the 50 and 100 MAs. Moving upwards the coin price can be seen resting at these MAs during the pullbacks. The ETC coin price is trading in the middle of the Bollinger band indicator after bouncing off the lower band. Volumes have increased as the coin price rose.

The ETC coin price has broken the important supply zone on a daily time frame

Supertrend: The ETC coin price has fallen rapidly in the past week following the bearish sentiments in the overall cryptocurrency market. As a result, the ETC coin price has started trading in the long-term demand zone. Recent bearishness in the price of ETC coin price resulted in the breakdown of the super trend buy line. Previously, the super trend buys line was acting as a strong demand zone. The breakdown of the super trend buy line, was with a strong bearish candlestick pattern. As of now, the super trend indicator has triggered a sell signal. Moving upwards the coin price can face strong rejection of the super trend sell line.

Moving Averages Convergence Divergence: The ETC coin price is trading at the demand zone, after failing miserably to sustain above the supply zone due to bearish pressure. As a result, the coin price fell which resulted in the MACD indicator triggering a negative crossover. The blue line crossed the orange line on the downside. If the ETC coin price is not able to sustain above the currency demand zone and falls below it the MACD line can be seen widening supporting the trend. 

Average Directional Movement Index:  ADX curve has been falling for the past couple of days. This has come after the coin price failed to surpass the supply zone. At present, the ADX curve is transacting at 23.45. Recent bearishness has resulted in the ADX curve slipping below the 25 Mark. If the coin price fails to bounce off the demand zone, the ADX curb can be seen losing strength and falling further.

CONCLUSION: The ETC coin price is trading at the demand zone, and as the price action suggests. As per technical parameters, the coin price can stay in a bearish trajectory. Although the coin price has formed a bullish candlestick pattern at the demand zone, it remains to see if the ETC coin price successfully bounces off the demand zone or falls below it. An investor should remain cautious and wait for a proper signal and then act accordingly.

SUPPORT: $30.00 and $28.00

RESISTANCE: $40.00 and $43.00

Share this post

Leave a Reply

Your email address will not be published.