ETC Price Analysis – March 23
ETC/USD cannot be stopped as the bull’s aim at the resistance level of $5. Meanwhile, the technical indicator may be on the positive side to confirm that.
Resistance levels: $6.5, $7.0, $7.5
Support levels: $3.0, $2.5, $2.0
ETC/USD price is now trading close to $5.0 as it hovers around $4.9 resistance level at the time of writing. The Ethereum Classic (ETC) may continue to move upwards if the price crosses the upper boundary of the channel. Meanwhile, Ethereum Classic may start the week on a better note as the price could touch the resistance level of $5.5
However, ETC/USD trading pair is about to maintain an uptrend from the lows traded last week around $4.0. In other words, as the technical indicator RSI (14) moves above slightly above 35-level from the sideways movement, once it faces down, there is a higher chance that the coin may likely find supports at $3.0, $2.5 and $2.0 but upside to remain capped at $6.5, $7.0 and $7.5 respectively.
Against Bitcoin, the recent price decline places the ETC in a downward trend after witnessing a bullish rally on March 13, indicating a reversal. However, the price action is now trading below the 9-day moving average. Looking at a long-term bear market, the 660 SAT, 610 SAT and 560 SAT could provide support levels for the next selling pressure as the RSI (14) moves below 40-level.
Meanwhile, after touching the resistance level of 828 SAT, ETC/BTC price fell to 793 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 783 SAT. However, if the support level of 780 SAT can act as a solid line of defense against any further downtrend; the resistance levels of 890 SAT, 940 SAT and 990 SAT may come to play.
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