ETC Price Analysis – August 1
Ethereum Classic remains in the green as the cryptocurrency market suffers from increasing selling pressure.
Resistance levels: $7, $8, $9
Support levels: $5, $4, $3
From the high of July at $9, the Ethereum Classic price action has been declining. Several levels of support were resilient, but declines were dominant. Continued pressure on key support levels has allowed the Ethereum Classic to dive even below $6.5. However, Ethereum Classic has managed to reduce the number of losses between $5.5 and $6.5.
Currently, the ETC/USD is trading at $5.9 and the price is trying to move below the moving average, with the 21-day moving average limiting gains to $6.1. ETC price will likely find support at $5, $4 and $3, but if the market manages to break out this time, the coin could well reach the resistance levels of $7, $8 and $9. Stochastic RSI is revealed at overbought, suggesting a potential price drop for the market.
By comparing with Bitcoin, the recent price decline continued to place the ETC/BTC pair in a downward trend after witnessing a bullish price action for a few days, indicating an undecided market. The price action is still trading below the 21-day moving average. Looking at a long-term bear market, the 450SAT, 400SAT and 350SAT could provide support levels for the next selling pressure.
Between yesterday and today, the ETC price fell to 575SAT following a sudden rise in the downtrend. Now, we can say that the sellers have returned to the market after a little indecisive appearance. However, if the 450SAT can act as a solid line of defense against any further downtrend; Buy pressure at 700SAT, 750SAT and 800SAT resistance levels can be expected. The MACD is currently moving towards the positive side.
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