ETC Price Analysis – July 04
In case the bears exert more pressure to continue the bearish trend, then, it may likely extend it to the main support levels of $5.31, $4.85, and $4.44
Resistance levels: $5.96, $6.56, $7.05
Support levels: $5.31, $4.85, $4.44
ETC/USD is bearish since the beginning of the month of June, the sellers hold the market tight and the massive drop has positioned ETC/USD in a decline mode. Looking at the daily chart, the trend is maintaining a descending channel pattern below the 9-day and 21-day moving averages. Meanwhile, the coin has touched the support level at $5.31 while it pulled back to retest the dynamic resistance level of 9 days moving average within the channel.
Moreover, in case the bears exert more pressure to continue the bearish trend, then, it may likely extend it to the main support levels of $5.31, $4.85, and $4.44 respectively. If the price fails to decline lower at the aforementioned levels, the high move could visit the $5.96, $6.56, and $7.05 resistance level. Currently, the RSI (14) is struggling to move out of the oversold zone, which indicates a further decrease in price.
ETC is bearish when pairing with BTC, it is clearly seen that the coin has been declining since the beginning of the month of June. Presently, the price is recently managing to break below the support level at 600 SAT. Any effort by the sellers to move further may likely push the price beyond the support level of 600 SAT and below.
In other words, if Ethereum Classic crosses down a little bit, the market is expected to reach the support zones of 600 SAT and 570 SAT price levels. Meanwhile, the RSI (14) indicator confirms that the market is below 40 levels and the signal line is parallel to the level showing no specific direction.