ETC Price Analysis – July 28
The daily chart reveals that ETC/USD is currently following an uptrend while the technical indicator also confirms this.
Resistance levels: $8.0, $8.5, $9.0
Support levels: $6.5, $6.0, $5.5
ETC/USD seems to start the price rally very shortly as the coin is climbing up on the chart with tremendous speed. Last month, the coin was seen suffering but the last few days brought the major change in the coin. More so, the Ethereum Classic Coin is speculated to touch $8 resistance level in the coming days.
However, as the technical indicator RSI (14) moves into the overbought zone, the market price may likely reach the resistance levels of $8.0, $8.5, and $9.0 but once it faces down, there is a higher chance that the coin may likely find supports at $6.5, $6.0, and $5.5 respectively.
When compares with Bitcoin, the recent price decline places the ETC below the 9-day and 21-day moving averages. Looking at a long-term bear market, the 600 SAT, 580, SAT and 560 SAT could provide support levels for the next selling pressure as the RSI (14) moves around 50-level.
Meanwhile, after touching the resistance level of 669 SAT today, ETC/BTC price drops to where it is currently trading at 662 SAT. Now, we may say that the bears may return back into the market if the bulls failed to hold the support of the 640 SAT. However, if the support level of 600 SAT can act as a solid line of defense against any further downtrend; the resistance levels of 720 SAT and above may come to play.