Ethereum Classic price analysis: ETC/USD defiantly stays in green


  • ETC/USD trading pair has maintained a shallow uptrend from the lows traded last week around $5.11.
  • There is a higher chance that ETC will find support at $6.25 but upside to remain capped at $6.50.

Ethereum Classic is among the few coins that are showing potential for growth on Monday. Besides, ETC/USD trading pair has maintained a shallow uptrend from the lows traded last week around $5.11. On the upside, movement is limited at $6.5 although the price is dancing at $6.44.

With a market capitalization of $716 million, Ethereum Classic is currently the 21st largest crypto on the market. The data on CoinMarketCap shows the digital assets having a 24-hour trading volume of $535 million. Moreover, the price has corrected higher 4% from the same time yesterday.

Also read: SWIFT takes on Ripple with successful instant cross-border trials between Asia and Europe

Looking at the hourly chart, the price is trading above the moving averages. Capacity to correct higher is immense according to the technical levels. For instance, the Moving Average Convergence Divergence (MACD) has managed to stay on the positive side in addition to the shallow trend upwards. The Relative Strength Index (RSI) has retreated from the overbought but also holding position at 61.

 There is a higher chance that ETC will find support at $6.25 and trend sideways with the upside still capped at $6.5 in the coming sessions. This means that traders should not also expect sudden price movements.

ETC/USD 1-h chart

 

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