Ethereum Classic (ETC) drifts lower in a post-fork trading

Ethereum Classic (ETC) has lost nearly in recent seven days.
Hardfork Atlantis has been successfully launched on ETC mainnet.

Ethereum Classic (ETC), now the 17th largest altcoin with the current market value of $702 million, has lost about 1.3% of its value in a post-hardfork trading. The coin has reached the recent recovery high of $7.22 on September 5 and has been moving down ever since. ETC/USD is down nearly 9% on a week-on-week basis.

What’s going on

Ethereum Classic team launched hardfork Atlantis on its mainnet, The major update is supposed to increase ETC interoperability with Ethereum (ETH). All-in-all, there are ten significant protocol improvements implemented in Atlantis, including op-code support, pre-compiled contracts and zk-SNARKs technology.

“ Atlantis reflects genuine consensus. It is the result of collaboration with all stakeholders who had an opportunity to debate and analyze the impact of the hard fork, and who undertook the hard work of coming to an agreement in a diverse and decentralized network,” ETC Labs team stated in its blog post.

ETC/USD, the technical picture

At the time of writing, ETC/USD is changing hands at $6.20 with the strong initial resistance registered psychological $7.00 with SMA100 (Simple Moving Average) daily located on approach. Once it is out of the way, the upside is likely to gain traction with the next focus on $7,32 (the upper line of one-day Bollinger Band) and $7.80, which is the highest level since August 22.

On the downside, a strong support is seen around $6.50 handle. It is created by a confluence of SMA50 daily and the middle line of one-day Bollinger Band. We will need to see a sustainable move below this handle for the bearish momentum to gain traction towards psychological $6.00 and $5.67 (August 28 low).

ETC/USD, daily chart

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