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Ethereum Classic Coin Breakdown Heading Towards the Major Demand Zone

Ethereum classic coin is trading on the solid bearish note, while it falls below its all vital moving averages and volume activity is lower.  
The digital asset is trading above all the vital moving averages of 100 and 200-DMA lines, while 20 and 50-day short-term moving average has given negative crossover.
The pair of ETC/BTC is trading at 0.0007484 BTC with an intraday loss of -6.74%, and the ratio of ETC/ETH is CMP at around 0.009011 ETH with a loss of -4.21% in the last 24-hours

Ethereum classic coin is trading under the strong bearish note and falls below its all vital moving averages. At the same time, the volume over the monthly chart is low and needs to improve for a sharp recovery in the upcoming trading sessions.However, the coin is heading towards the significant demand zone. The bearish trend over the monthly chart is still intact, and the conformation of bulls will only be above sustainability of 20 and 200-DMA line. Support on the lower levels is at $32.00 and $30.20, whereas the resistance on the higher side is at $44.25 and $49.00. 

Ethereum classic price is facing a solid selloff at the 4-hour time frame

Ethereum classic coin is facing a solid selloff at the 4-hour time frame. The volume activity over the 4-hours time frame increases with the momentum, and volume jumps above the average line. Technical indicators are also undergoing under the oversold zone at the chart, with no sign of solid reversal. Presently, ethereum classic price is trading at $35 and has seen a loss of more than 9% in the intraday session. The asset has a volume to market cap ratio of 0.21, suggesting a consolidated trend in price. Likewise, the volume traded in the last 24-hours has seen a rally of more than 26% and is presently at $1,015,557,367, while the total market capitalization is near $7,456,162,203

Relative Strength Index (NEUTRAL): Ethereum classic coin RSI points towards an oversold coin zone. In contrast, the RSI is near 30, with a negative slope suggesting a weak downside trend. 

Moving Average Convergence Divergence (BEARISH): This currently indicates a bearish or negative trend in the coin. This is because the current assets have overpowered the seller’s line (red).

Support levels:$32.00 and $30.20

Resistance levels:  $44.25 and $49.00.

DISCLAIMER

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

The post Ethereum Classic Coin Breakdown Heading Towards the Major Demand Zone appeared first on The Market Periodical.

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