Ethereum Classic (ETC) is currently experiencing a bullish market price, up 13.99% in the last 24 hours, according to Data from CoinMarketCap.
After ETC fell in the past two days, it appears that the bulls have regained control of the market, pushing the coin to trade above the $20 mark for the first time since April.
ETC price action in June
Ethereum Classic has found a place among the headlines in the past two weeks after its initial bearish form at the beginning of June. ETC started the month trading around $18.01 before experiencing a sharp decline that saw the token trade at $13.99 on June 10.
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After that, ETC will rise to $15.03 and hover around this price area for the next few days before embarking on an upward trajectory for a gain of 28.60% between June 20th and June 24th, reaching the price resistance at $19.33.
The following days would then offer mixed price action before ETC finally rebounded to the key support level at $17.64 on June 29. After a retest in this price area, ETC price resumed its bullish trend, which has been rising ever since.
Ethereum Classic (ETC) remains one of the major projects in the cryptocurrency space. Launched in July 2016, Ethereum Classic is a hard fork of Ethereum that was created to preserve the purpose and integrity of the original Ethereum network.
At the time of writing, ETC is trading at $20.90, with a gain of 1.51% in the past hour. The token’s 24-hour trading volume is currently estimated at $482 million, which has also increased by 208.92%.
ETC Trading At $21.03 On The 1-Hour Chart | Source: ETCUSD Chart On Tradingview.com
Price analysis and forecasting
Looking at the hourly chart of ETC, the Moving Average Convergence Divergence (MACD) remains well above its signal line indicating that the coin’s bullish trend might still be in play.
However, the Relative Strength Index (RSI) is currently in the overbought region at 89.71, which means that selling pressure may occur soon, which could lead to a drop in the price of the token.
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According to the forecast site, WalletInvestorIf the bulls can maintain the buying pressure, the ETC price will only see a slight uptick, reaching the market value of $21.42 in 14 days.
However, if the opposite is true and ETC falls under downward pressure, the team expects the coin to drop to the market price of $18.00.
However, most of the crypto markets are also in an uptrend along with Ethereum Classic (ETC). Market leader Bitcoin (BTC) is up 0.87% in the latest day, while other notable altcoins like Cardano (ADA) and Solana (SOL) are also up 7.41% and 6.72% respectively.
Featured image: The Guardian Nigeria, chart from TradingView.
