Ethereum Classic Price Analysis: ETC/USD buyers pop in on approach to daily SMA100

Ethereum Classic (ETC) has lost nearly 4% since the start of the day and 4.5% in the recent 24 hours to trade at $6.38 by the time of writing. The coin takes the 22d place in the global cryptocurrency rating, while its market value is registered at $743 million; an average daily trading volume exceeds $780 million. ETC/USD has recovered from the intraday low of $6.29. Now it is moving within the short-term bullish trend amid expanding volatility.

Ethereum Classic on-chain data

According to the recent statistics provided by Intotheblock, about 69% of all Ethereum Classic holders bought ETC near the top in 2018, which means that they are deeply in red now. The consistently negative returns on investments of the vast majority of holders ay contribute to the pessimistic sentiments and limit the coin's bullish potential. Classic is Coming (@ClassicIsComing) a Twitter channel focused on the information relevant to ETC ecosystem, posted: 

Every hear the saying, "Buy low, sell high?" Here we can see how many individuals bought the top around 2018. Over 1.23M  addresses or 69.49% of current addresses bought at or near $ETC all time highs. This may likely contribute to the negative sentiment.

ETC/USD: Technical picture

ETC/USD topped at $6.79 on Thursday, July 9, and retreated to $6.22 during early Asian hours on Friday. The sell-off stopped on approach to the daily SMA100, which is now the first important barrier for the coin. If it is broken. the sell-off may be extended towards psychological $6.00 reinforced by the middle line of the daily Bollinger Band. 

On the upside, a sustainable move above daily SMA50 at $6.40 is needed for the recovery to gain traction and bring the recent high back in focus. The next resistance is created by the daily SMA200 at $6.88 and $7.00.

ETC/USD daily chart