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Saturday, May 28, 2022

๐ŸŽ“ What do the next few days hold for ETC?… Here’s what the charts say

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The large purchases pushed the price of the Ethereum Classic (ETC) cryptocurrency close to the $38 resistance level, and the bears are likely to defend this level aggressively.

classic ethereal

The 20-day EMA at $28 has started to turn up and the Relative Strength Index (RSI) is in overbought territory, indicating that the doors are open to the upside.

In the event that we do not see a large number of sales or the price rebounds strongly from the $32 level, it is likely that the price will rise back above $38, and if this happens, the coin It can go up to 45 dollars. dollars and then to 50 dollars.

Conversely, if the price drops below $32, the next stop may be a 20-day EMA crossover, and a drop below this level will indicate a resumption of the bearish rally.

classic ethereal

The 4-hour chart shows that the coin started to rally rapidly after breaking out of the downtrend line, causing the Relative Strength Index (RSI) to move deep into overbought territory, and these overbought levels generally Steep declines follow.

The coin could drop to the 38.2% Fibonacci retracement level at $33 and then to the 50% retracement level at $32, and the bulls are likely to defend this area aggressively, and if the price bounces off this support area , the buyers will try to push the price to what is above the overhead resistance and resumption of the uptrend.

On the other hand, if the price drops below the $32 level, the bullish momentum may weaken and the coin may drop to the 61.8% Fibonacci retracement level at $30 after that.

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