Ethereum Classic price is fluctuating between gains and losses, lacking a clear directional for the second consecutive day this Sunday.
ETC/USD pair has entered a phase of consolidation following Friday’s impressive rebound from two-week troughs at price of $58.69. Saturday’s Doji candlestick seems to have watered down expectations of a continued recovery in ETC price.
However, a fresh bid wave seen across the cryptocurrency board over the last hours could help limit Ethereum’s downside.
As observed on Ethereum Classic’s 12-hour price chart, the price is wavering in a tight range around the $64 mark, at the time of writing.
The upward-sloping 50-simple moving average at price of $62.87 is guarding the downside over the past 36 hours while the ETC bulls continue to face stiff resistance level at the falling trendline resistance at $65.81.
A range breakout is waited for a sustained move in either direction. However, with the Relative Strength Index flatlined at price 50.00, investors are lacking a clear sense of direction.
That said, ETC price faces two healthy resistance levels in the horizontal 21-DMA at price $65.20 and the abovementioned descending trendline.
Therefore, the path of least resistance level appears to the downside for ETC traders.
Acceptance above the trendline level hurdle could pave the way towards the $70 mark.
On the other side, a 12-hourly candlestick closing below the ETC price could accentuate the bearish pressures, calling for a test of the two-week lows.
The 200-DMA at price of $55.59 will challenge the bullish commitments should the sellers take over complete control.
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