ETC Price Analysis – January 6
Ethereum Classic remains in the green as the cryptocurrency market gains from the increased buying pressure.
Resistance levels: $5.5, $6.0, $6.5
Support levels: $4.5, $4.0, $3.5
ETC/USD price is now trading close to $5.0 after touching $5.1 resistance in the early hour of today. The coin may continue to move upwards if the price crosses the upper boundary of the channel. Meanwhile, Ethereum Classic may close the week on a better note as the price could touch the resistance level of $5.2. But the current performance of the coin is progressive and inspires investments.
However, ETC/USD trading pair has maintained an uptrend from the lows traded last month around $3.4. In other words, as the technical indicator RSI (14) moves above 65-level, once it faces down, there is a higher chance that ETC may likely find supports at $4.5, $4.0 and $3.5 but upside to remain capped at $5.5, $6.0 and $6.5 respectively.
Against Bitcoin, the recent price decline places the ETC in a downward trend after witnessing a bullish price action for a few days, indicating a reversal. Meanwhile, the price action is still trading above the moving averages of 9 days and 21 days. Looking at a long-term bear market, the 600 SAT, 550 SAT and 550SAT could provide support levels for the next selling pressure as the RSI (14) makes quick turn after touching 70-level.
After touching the resistance level of 697 SAT, ETC/BTC price fell to 656 SAT following a sudden rise in the downtrend. Now, we may say that the bears may return back into the market if the bulls failed to hold the support of the 630 SAT. However, if the support level of 640 SAT can act as a solid line of defense against any further downtrend; the resistance levels of 730 SAT, 780 SAT and 830 SAT may come to play.
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