ETC price has risen to above the support level of $50.00 after hovering around $45.00 for over a week. The altcoin’s price movement on Friday is comparable to that of Bitcoin – the leading cryptocurrency. The latter entity is currently at $47,440 after failing to breakout of the resistance zone of 45,000 for over a week.
After hovering below the crucial level of $2 trillion for over a week, the global crypto market cap is back above that level. According to CoinMarketCap, it has surged by 8.09% from the previous session to $2.06 trillion. Ethereum Classic’s market cap is up by 9.03% at $6.65 billion.
On the first day of the new month, Ethereum Classic price has risen by 10.02%. For about one-and-a-half weeks, it has found support at 45.00. In the previous month, it had dropped by 29.38%.
At the time of writing, it was up by 9.09% at 51.31. On a four-hour chart, it is trading above the 25 and 50-day exponential moving averages.
In the near term, ETC price will likely hover around the resistance-turn-support level of 50.00. The entry of more buyers into the market may push it to 55.00, which was a crucial support zone in September. On the flip side, a pullback below the current support level will likely place it along the 25-day EMA at 47.37.