ETC price has narrowed to a tighter range within the horizontal channel whose formation commenced a week ago. According to CoinMarketCap, the altcoin is ranked 28th in the crypto market. Over the past 24 hours, its trading volume has surged by 7.01% to $976.06 billion. Besides, its market cap is up by 2.23% at $7.26 billion.
In a larger context, the global crypto market cap is up by 2.97% at $2.09 trillion. The heightened valuation comes amid a shift in market sentiment. The crypto fear & greed index is at a fear level of 30 compared to the prior session’s 44.
Over the past week, Ethereum Classic has been trading within a horizontal channel. Since last week’s plunge of the crypto market, the altcoin’s price movements have largely been between the support level of 53.44 and the psychological level of 60.
Notably, the bulls’ efforts to retest the resistance level at 60 after Friday’s decline have been unsuccessful. At the time of writing, ETC price was up by 0.33% at 55.91. On a two-hour chart, it is trading slightly below the 25 and 50-day exponential moving averages.
The crypto will likely hover along the 25-day EMA at 56.37. If that happens, it will be within a tight range of between the support zone of 55 and the resistance level of 59.03. While it will likely remain buoyed above 50 in the short term, 60 may still be evasive in the ensuing sessions.