Altcoins Rally Stumbles Again! ETC Price Hints A Correction Of 15%?
The post Altcoins Rally Stumbles Again! ETC Price Hints A Correction Of 15%? appeared first on Coinpedia Fintech News
After concluding the first month of the year positively, the crypto industry has started the month of February on a strong bearish note. The market has displayed a correction of over 8% in valuation with the ETC price losing 6.65% within the past day.
The Ethereum Classic price traded in a narrow space between $21.94 and $23.45 for a period, following which the market lost momentum and the price experienced a correction of 13.32% in valuation. After this, the price constantly traded in a closed range between $18.77 and $20.32 for about a week.
Following multiple failed attempts, the bulls successfully broke out of the resistance level. A day before the deadline for the Bitcoin ETF Spot decision, the Securities and Exchange Commission (SEC) ruled out a statement confirming the approval of it.
TradingView: ETC/USDT
This resulted in the ETC coin price experiencing a jump of over 50% within the next 24 hours, after which it faced rejection at $31.23. The ETC coin traded between $29 and $31.23 for a while. As the market volatility increased, the bulls recorded a breakdown in the chart.
Ethereum Classic price traded in a descending channel pattern for a brief period, indicating a strong bearish influence in the crypto space, and the price lost approximately 30% in value. After testing its low of $21.94, the bulls displayed a sideways trend for a while.
The bulls recorded multiple failed attempts to break before successfully regaining momentum. Since then, the Ethereum Classic price has been constantly trading in a closed range between $23.45 and $25.04.
Will ETC Price Rise Back Up?
The Moving Average Convergence Divergence (MACD) displays a rising red histogram, indicating an increase in the selling-over-buying pressure in the market. Further, the averages show a bearish convergence, suggesting the price will continue losing value in the coming time.
If the bulls hold the price above the support level of $23.45, the ETC price will regain power and test its resistance level of $25.04 soon. Maintaining the price at that level will set the stage for Ethereum Classic to attempt to test its upper resistance level of $26.46.
Conversely, if the market fails to hold the price above its important level, the ETC coin will lose momentum and fall to test its support level of $21.94. Moreover, if the bears continue to hold their dominance, it will further plunge and prepare to test its lower support level of $20.32 this week.
Filed under: Bitcoin - @ February 1, 2024 6:11 am