ETC Price Analysis – May 12
ETC/USD cannot be stopped as the bull’s aim at the resistance level of $6.2.
Resistance levels: $7.6, $7.8, $8.0
Support levels: $4.4, $4.2, $4.0
ETC/USD price is now trading close to $6.2 as it hovers around $6.1 resistance level at the time of writing. The Ethereum Classic (ETC) may continue to move upwards if the price crosses above the 9-day and 21-day moving average. Meanwhile, Ethereum Classic may touch the resistance level of $6.5 if the technical indicator leaves the oversold zone.
In other words, as the technical indicator RSI (14) moves within the oversold region, in as much as the signal lines stay within the region, there is a higher chance that the coin may likely find supports at $4.4, $4.2 and $4.0 but upside to remain capped at $7.6, $7.8 and $8.0 respectively.
Against Bitcoin, the recent price decline places the ETC in a downward trend after witnessing a bullish rally on May 2, indicating a reversal. However, the price action is now trading below the 9-day and 21-day moving averages. Looking at a long-term bear market, the 580 SAT and below could provide support levels for the next selling pressure as the RSI (14) moves below 37-level.
Meanwhile, we may say that the bears may continue to dominate the market if the bulls failed to hold the support of 683 SAT. However, if the support level of 680 SAT can act as a solid line of defense against any further downtrend; the resistance levels of 780 SAT and above may come to play.
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