Ethereum Classic (ETC) is currently experiencing an increase in its market price, gaining 13.99% in the last 24 hours, according to CoinMarketCap data.
Following ETC’s slide over the past two days, it appears that the bulls have retaken control of the market, pushing the coin to trade above the $20 mark for the first time since April.
ETC Price Action in June
Ethereum Classic has found a place in the headlines over the past two weeks following its initial bearish form in early June. ETC started the month trading around $18.01 before experiencing a nosedive that saw the token trade at $13.99 on June 10.
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Thereafter, ETC would rally to $15.03 and hover around this price region for the next few days before embarking on a bull run gaining 28.60% between June 20-24, hitting the resistance level. of the price at $19.33.
The days that followed would feature mixed price action before ETC finally pulled back to its key support level at $17.64 on June 29. After retesting in this price zone, the ETC price has resumed its uptrend, climbing higher ever since.
Ethereum Classic (ETC) continues to be one of the top projects in the cryptocurrency space. Launched in July 2016, Ethereum Classic is an Ethereum hard fork created to preserve the purpose and integrity of the original Ethereum network.
At the time of writing, ETC is trading at $20.90, up 1.51% in the last hour. The 24-hour trading volume of the token is currently valued at $482 million, and it has also increased by 208.92%.
ETC Trading At $21.03 On The 1-Hour Chart | Source: ETCUSD Chart On Tradingview.com
ETC Price Analysis and Prediction
Looking at ETC’s hourly chart, its moving average convergence divergence (MACD) is holding well above the signal line indicating that the token’s uptrend may still be active.
However, its Relative Strength Index (RSI) is currently in the overbought zone at 89.71, which means that selling pressure may soon occur, which may drive the price of the token lower.
Related Reading: Ethereum Continues Uptrend as ETH Stakes Rise to New High
According to the prediction site, WalletInvestorif the bulls manage to maintain the buying pressure, the ETC price would experience only a small increase reaching the market value of $21.42 in 14 days.
However, if the opposite occurs, and ETC falls under bearish pressure, the team predicts that the token will drop to a market price of $18.00.
That being said, most of the crypto markets are also trending up along with Ethereum Classic (ETC). Market leader Bitcoin (BTC) is up 0.87% in the past day, while other prominent coins like Cardano (ADA) and Solana (SOL) are also gaining 7.41% and 6.72%, respectively.
Featured Image: The Guardian Nigeria, Chart from Tradingview.
