•ETC/USD is currently priced at $15.07 and has increased by 1.32% over the past day
•The trading volumes have increased by 19.08% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: Ethereum Classic Token strives to prosper in the presence of bulls
The Ethereum Classic price today is $15.07 USD with a 24-hour trading volume of $256,463,589 USD. Ethereum Classic Token is up 1.32% in the last 24 hours. The trading volumes have increased over the past day amid increased investor activity whereas the Volume to Market Cap Ratio stands at 0.1254 for the altcoin.
Ethereum Classic Token seems poignantly placed to embark on an upward trajectory as it trades above the 20,50 SMA on the four-hour chart. Ethereum Classic is currently trading above the support zone of $13.50. If it can hold this support, we could start seeing a move towards the upside. On the other hand, if the resistance at $17 breaks, we could see a move towards the next resistance level placed at $20. Failure to hold the support at $13.50 could lead to a drop towards the $12 mark. The asset is in a consolidation phase and is gathering momentum in order to break out of the clutter.
Long Term View for Ethereum Classic
Ethereum Classic Token is currently in a period of consolidation as the RSI stands at 40.90, with the RSI line moving above the 14-day average line. The green bars on the daily chart have been stagnant as the asset is in a period of accumulation. The MACD and signal lines are gradually heading towards the positive territory, with the MACD line leading the signal line on the daily chart as well. This bodes well for the future prospects of the coin.
Conclusion
Ethereum Classic Token is currently in a consolidation phase and only after the completion of this phase, will the cryptocurrency market see a great wave of price growth. Hence, the next few days will prove to be critical for deciding the future course of the coin.
Support: $13.50-$12
Resistance: $17-$20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.