ETC Price Analysis – November 22
ETC/USD is recording a downtrend of 4.43%, in the last 24 hours; the coin has declined from $6.31 to $5.96.
Resistance levels: $7.2, $7.4, $7.6
Support levels: $5.8, $5.6, $5.8
In the early hours of today, ETC/USD bulls were rejected at around the $6.84 level while the coin is dropping to $6.12. The price is sliding below the upper boundary of the channel. The RSI (14) indicates increasing bearish momentum as the signal line move below 68-level, indicating that the market sentiment is presently bearish.
What to Expect from ETC
Currently, the coin is changing hands at $6.43 where it faces down. However, if the ETC price rises again and trades above the channel, the coin may begin its upward movement to retest the previous high. The nearest resistance levels to reach are $7.2, $7.4, and $7.6 while the support levels to watch are $5.8, $5.6, and $5.8 respectively giving a low trading volume.
ETC/BTC Market: Bears are Flexing their Muscles
Against Bitcoin, ETC price has been dropping but trading above the 9-day and 21-day moving averages as the coin continues the bearish run at the moment. The support level may be located at 650 SAT and then locate further key support at 300 SAT and below if the sell-off later becomes huge.
However, on the upside, if the bulls can gather enough momentum to push the price above the upper boundary of the channel; Ethereum Classic could face the 380 SAT. Any other resistance lies at 400 SAT and above while the signal line of RSI (14) nosedives below 48-level and if it moves below this level, it may bring more bearish pressure into the market.