ETC Price Analysis – August 6
ETC/USD eyes $7 support in order to gain momentum to overcome resistance at $7.50 and $8.50.
Resistance levels: $7.8, $8.0, $8.2
Support levels: $6.4, $6.2, $6.0
ETC/USD has been in consolidation within a narrow range since the beginning of this month. Prior to the sideways trading, ETC/USD broke out in tremendous gains in tandem with the generally bullish market in the last two weeks of July. The coin stepped above several key resistance levels including $8.
What Is the Next Direction for ETC?
Ethereum Classic is trading at $7.10 amid losses from the 9-day MA resistance in the daily chart. The drop has been consistent in the Asian session as the RSI (14) puts emphasis on the declines trending lower below the 9-day moving average. The nearest support at $7 is likely to hold in spite of the strong arm of the bears while sideways trading could also take precedence based on the technical indicator.
However, in order to come out of the resistance range under $7.4, ETC/USD must pull toward $7.6 and focus on taking down higher hurdles at $7.8, $8.0, and $8.2. Nevertheless, if push comes to shove and $7 support gets shuttered, expect more support at $6.5 below the 21-day MA and the primary support at $6.4, $6.2, and $6.0 respectively.
ETC/BTC Market: Consolidating to the Downside
Against Bitcoin, the recent price decline places the ETC below the 9-day and 21-day moving averages. However, the 550 SAT and below could provide support levels for the next selling pressure as the RSI (14) moves below 35-level.
Meanwhile, after touching the daily high of 619 SAT today, ETC/BTC price drops to where it is currently trading at 602 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 750 SAT and above may come into focus.