ETC price is trading within a tight range while holding steady above the crucial support level of $50. According to CoinMarketCap, its market cap has risen by 2.71% while it trading volume is down by 26.13%. In comparison, the global crypto market cap has surged by 4.51% from the previous session.
ETC price will likely continue trade within a horizontal channel in the short term. Bitcoin, the leading crypto has eased at around $58,000 after rising from the $55,000 support zone in the previous session. Usually, altcoins’ price movements follow the trend set by Bitcoin.
Ethereum Classic price has eased as it finds resistance at 54.00. Since the beginning of October, the altcoin has been trading above the psychological level of 50. Over the past two weeks, it has risen by 14.43%.
At the time of writing, ETC price was up by 0.1% at 53.41. On a two-hour chart, it is trading slightly above the 25 and 50-day exponential moving averages.
In the near term, the crypto will likely continue finding support along the 50-day EMA at 53.16. Subsequently, ETC price may remain within a tight range with 54.01 being the resistance level to beat. Above that zone, the next target will be at 55.15. On the flip side, a move below the 25-day EMA at 52.98 will likely place the support level at 52.57.
This post was last modified on Oct 14, 2021, 11:32 BST 11:32