ETC Price Analysis – November 11
Ethereum Classic has dropped below the level from where it started yesterday at $4.96. There is no sign of improvement in the coin as traders may close the day with a loss.
Resistance levels: $5.5, $6.0, $6.5
Support levels: $4.5, $4.0, $3.5
The price of the Ethereum Classic was bitten by the bear. The coin is currently experiencing a price drop. Traders were expecting a lot from the coin, although November 4 to 7 reflected an improvement in ETC prices. The price is currently moving between the 9-day and 21-day MA and exchanging hands at $4.90 which is yet to break out to the upside or downside.
Furthermore, a bearish drop may continue to roll the market down to $4.5, $4.0 and $3.5 support levels while possible bullish surge may drive the market to $5.2 level, testing the upper channel boundary. Above the channel, $5.5, $6.0 and $6.5 may further provide resistance levels for the market. Although, the stochastic RSI is making an attempt to cross into the oversold zone and staying there would cause the coin to remain in the bearish mode.
Against Bitcoin, the recent price decline placed the Ethereum Classic pair in a downward trend after witnessing a bullish price action for a few days. Now, indicating an undecided market, the price action is still trading above the moving averages of 9-day and 21-day. Looking at a long-term bear market, the 535 SAT, 525 SAT and 515 SAT could provide support levels for the next selling pressure.
More so, a few days ago, the ETC price started falling from 570 SAT to 557 SAT following a sudden rise in the downtrend and if the price drop further, we may say that the sellers have returned to the market after a little while. However, if the 563 SAT can act as a solid line of defense against any further downtrend; Buy pressure at 585 SAT, 595 SAT and 605 SAT resistance levels can be expected. The stochastic RSI is in the overbought zone.
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