ETC’s downward channel has been formed. If you want to exit, it’s better to hold on firmly.
The price of ETC has lost approximately 5% of its valuation in the past 24 hours, making it one of the largest cryptocurrency declines in the cryptocurrency industry on the day. Additionally, the market is exhibiting a sustained bearish trend, indicating the strength of the bear market.
ETC price traded within a closed range between $20.32 and $21.94 for some time before bulls gained momentum and the price broke out of the range. However, the gains were short-lived as the price rejected at $23.45.
For about a week thereafter, the price fluctuated between $21.94 and $23.45. ETC price saw a valuation correction of around 15% as bears overwhelmed bulls.
Thereafter, the price briefly fluctuated between $18.77 and $21.94. Bulls regained momentum, causing ETC price to rise by more than 42% in one day.
After encountering rejection at $31.23, the price has been trading in a descending channel pattern, indicating a strong bearish influence in the market.
Will ETC price rebound?
The relative strength index (RSI) shows a neutral trend, indicating that the market buying and selling pressure is weak. Furthermore, the average shows a continued decline, indicating uncertainty about the future price movement of the coin.
If the market regains value, ETC price will soon test the $29 resistance. Sustaining the price at this level will set the stage for Ethereum Classic price to attempt to test its upper resistance at $31.23 in the coming days.
Conversely, if the bears overwhelm the bulls, the price will lose momentum and drop to test the $25.04 support. Furthermore, if bears continue to dominate the market, the stock will plunge and prepare to test its lower support at $23.45.
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