Ethereum Classic Chart: ETC/USD gains 4% in the Asian session on Friday

Ethereum Classic is leading the cryptocurrency in recovery after posting gains of more than 4% on the day. The rest of the cryptocurrency market is mixed red and green. For example, Bitcoin is down 0.85% on the day while ETH/USD is up 0.21% during the same period. ETC commenced trading on Friday at $6.87. There was an upward action to $7.14 before adjusting to the current $7.11.

Looking at the daily chart, the price is trading above the moving averages, both of which are offering support to Ethereum Classic at the time of writing. On the upside, ETC/USD is battling resistance at the 38.2% Fibonacci level, taken between the last swing high at $13.21 to a swing low at $3.64.

All technical indicators applied to the chart show that bulls are likely to continue gaining traction against the sellers. The RSI is moving towards the overbought as a signal for a stronger bullish grip. The same bullish momentum is emphasized by the MACD stability in the positive region. On the upside, eyes are on $8.00 initially before pushing the agenda for $10.00 in the near term.

ETC/USD daily chart