ETC price is still trading within a horizontal channel as has been the case for over a week now. Notably, the crypto market will likely be characterized by reduced trading volumes in the ensuing sessions as investors focus on the festivities. As such, the altcoin will likely remain within its current range. Even with the probable rebound above the range’s upper border, it will likely remain below the 200-day EMA. For as long as it trades below the long-term EMA, the bearish outlook still holds.
Ethereum Classic has been on a rebound since Monday when it hit an intraday low at 33.59. however, it has remained within a horizontal channel for over a week now.
At the time of writing, ETC price was up by 0.76% at 35.60. On a four-hour chart, it is trading slightly above the 25-day EMA and along the 50-day EMA.
With the Christmas week taking shape, the altcoin will likely remain within a tight range in the ensuing sessions. From this perspective, the horizontal channel of between last week’s low at 33.59 and the support-turn-resistance level of 37.62 will be one to look out for.
A drop below the range’s lower border will likely have the bears retest December’s low at 30.27. On the flip side, a rise above the upper border may have ETC price find resistance around 40.
This post was last modified on %s = human-readable time difference 13:27