ETCUSD Price Analysis – May 31
In case the bears increase their pressure, $22 price level may be reached and penetrated but a pullback is inevitable in a trending market.
Resistance levels: $82, $102, $134
Support levels: $50, $22, $5
ETC/USD Long-term Trend: Bearish
ETC/USD price is on the bearish trend on the Long-term outlook. The Bears were in control of the Ethereum Classic market. The bullish trend topped the price at $134 level on May 06. The price pulled back and retested the support level of $102. The Bears increased their momentum on May 12 and the price decreased to the support level of $50. On May 24, the Bears were able to exert more pressure and break down the level moving towards the support level of $22.
The 21 period EMA and 9 periods EMA are interlocked, and the coin is trading around the two EMAs; that is the bearish and the bullish momentum is low in the ETC market. Meanwhile, the relative strength index period 14 is at 50 levels with the signal line displaying no direction at the moment.
Further decrease in the Ethereum Classic price is highly envisaged, in case the bears increase their pressure, $22 price level may be reached and penetrated but a pullback is inevitable in a trending market.
ETC/USD Short-term Trend: Bearish
ETC is bearish on the medium-term outlook. After a long period of bullish movement, Ethereum Classic hit the resistance level at $134. The price decreased down towards the demand level of $50. The momentum of the Bears seems to get weak as the price is consolidating above the $50 price level.
The 21-day EMA is interlocked with the 9 periods EMA and the ETC price is trading around the two EMAs with the close contact between them which indicates a low volatile market. However, the relative index period 14 is at 50 levels with the signal line pointing up to connote buy signal.