ETC price has rebounded back above the crucial level of 50 after the over 20% decline on Wednesday. According to CoinMarketCap, its trading volume has risen by 93.25% over the past 24 hours while its market cap is up by 3.08% during the same timeframe. In comparison, the global crypto market cap has declined by 1.52% at the crucial $2.50 trillion mark.
Ethereum Classic is back above the psychological level of 50 after plunging to a three-month low of 43.14 in the previous session. On Wednesday, it fell by 22.10% before rebounding. At the time of writing, the altcoin was up by 4.26% at 50.65.
Notably, the range between the psychological level of 50 and the resistance level at 56.34 has been a crucial one for ETC price; especially in the current month. On a four-hour chart, it is trading below the 25 and 50-day exponential moving averages.
At its current level, it has returned to the aforementioned range. In the short term, I expect it to remain within the horizontal channel. It may rebound to find resistance along the 25-day EMA at 52.76. Above that level, the next target will be at 55.
On the lower side, 50 will likely remain a crucial support level for ETC price in the ensuing sessions. Granted, the bears may manage to push it to 48.22 before rebounding to above 50.
This post was last modified on Oct 28, 2021, 09:21 BST 09:21