ETC Price Analysis – June 7
At the time of writing, ETC/USD is recording a downtrend of 1.59%; the coin has declined from $6.88 to $6.72.
Resistance levels: $7.5, $8.0, $8.5
Support levels: $6.0, $5.5, $5.0
ETH/USD bulls couldn’t continue its uptrend as the coin is seen dropping to $6.72 at the time of writing. The price is floating in a downward within the channel formation and below the 9-day and 21-day moving averages. The stochastic RSI indicates increasing bearish momentum as the signal lines remain within the oversold zone, indicating that the market sentiment is presently bearish.
Currently, the coin is changing hands at $6.72 where it faces down. More so, if the price of ETC rises again and breaks above the moving averages, the coin may begin its upward movement to retest the previous high. The nearest resistance levels to reach are $7.5, $8.0, and $8.5 while the support levels to watch are $6.0, $5.5, and $5.0 respectively giving a low trading volume.
Against Bitcoin, the price action is still trading below the moving averages of 9 days and 21 days. Looking at a long-term bear market, the 650 SAT, 630 SAT and 610 SAT could provide support levels for the next selling pressure as the stochastic RSI moves into the oversold territory.
However, after a sudden rise in the downtrend, we may say that the bears may return back into the market if the bulls failed to hold the support of the 710 SAT. However, if the support level of 700 SAT can act as a solid line of defense against any further downtrend; the resistance levels of 780 SAT, 800 SAT and 820 SAT may come to play.
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