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Ethereum Classic Spikes to $28.20 After Successive Bullish Streak

Cryptocurrency Oct 06, 2022 09:30AM ET
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© Reuters Ethereum Classic Spikes to $28.20 After Successive Bullish Streak
 
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  • ETC price analysis indicates a firm uptrend.
  • The coin could gain another 10% if the trend continues.
  • ETC has seen a 2.67% increase in the last 24 hours.

After a slump and sell-off for a number of weeks, the price of Ethereum Classic has begun to recover. The price movement shows complete bullish momentum with room for further bullish activities. ETC trades at $28.10 and is up by 2.67% in the last 24 hours as of time of writing. The market capitalization has also increased to $3,860,532,011 which is a 1.13% increase and the 24-hour trading volume is at $431,178,940.

ETC/USD 1-day price chart (Source:CoinMarketCap)

The Bollinger bands are beginning to bulge on the daily charts, which is a sign of heightened market volatility. The lower band resides at $25.47, while the upper band is touching the $31.75 resistance level. These levels act as immediate support and resistance levels for the prices.

The MACD blue line is moving above the red signal line indicating that the bulls have the upper hand in the market. In addition, the prices have recently formed a bullish engulfing candlestick pattern, which is likely to push the prices higher.

On the 4-hour chart, a clear bullish trendline is visible as the prices have regained positive momentum and attained some of their lost value. The technical indicators are pointing to the bullish sentiment of the market as the RSI indicator is in the overbought region. The consistency of the RSI score is a sign of the buying and selling activity equivalence.

ETC/USD 4- hour price chart (Source :TradingView)

The Parabolic SAR dots are placed above the candlesticks, indicating the market is bullish and the upside potential is imminent.

The 50-day MA is currently at $27.87 and the 200-day MA is at $30.56.These levels could act as key support levels in the near future as the prices are likely to head higher in the next few days.

ETC/USD 4-hour price chart (Source:CoinMarketCap)

Overall, the market is expected to remain bullish, with major technical indicators signaling further gains in the near term.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Ethereum Classic Spikes to $28.20 After Successive Bullish Streak appeared first on Coin Edition.

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Ethereum Classic Spikes to $28.20 After Successive Bullish Streak
 

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