Market Overview

ETC/USD Breaks Week-Long Winning Streak

Share:
ETC/USD Breaks Week-Long Winning Streak
  • Ethereum Classic breaks the winning streak to lead the losses on Thursday.
  • Ethereum Classic bulls had their focus on $10 but failed to make headway above $7.5.

Ethereum Classic is a perfect example of from rags to riches and back to the rags. While other cryptocurrencies struggled to stay above key support areas throughout last week and part of this week, ETC posted an impressive winning streak.

From the support at $5.5, ETC/USD smashed through several resistance areas including the 23.6% Fib retracement level taken between the last swing high of $7.69 to a swing low of $5.5, $6.25and $7.0.
Ethereum Classic bulls had their focus on $10 but failed to make headway above $7.5. In the last several days, sideways trading dominated the market. However, the drop below the 100 Simple Moving Average (SMA) 1-hour coupled with the bear wave across the crypto market gave ETC a negative push.

Support appears to have been established at $6.0 coinciding with the 38.2% Fib level. Unfortunately, this support might not last long as technical levels point towards increasing selling activity. The Relative Strength Index (RSI) is still sliding deeper in the oversold. Similarly, the bears' strength is backed by the increasing negative divergence with the Moving Average Convergence Divergence.

ETC/USD 1-hour chart

Image Sourced from Pixabay

Posted-In: Bitcoin crypto market EthereumCryptocurrency News Forex Markets General

 

Related Articles

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Mixed Reality Might Be The Edge That The Logistics Industry Lacked All These Years

GBP/USD: Set For More Suffering