EthereumClassic: Is it time for ETC traders to cash in on current rally
Ethereum Classic [ETC] witnessed exponential gains after bouncing from its long-term support near the $13-mark. The buying efforts saw a substantial uptick after the alt finally jumped above the $16-zone last week.
ETC’s jumped above its 20/50/200 EMA in the ongoing bullish resurgence. Meanwhile, the altcoin saw anA rebound from the 38.2% Fibonacci support could help the buyers retain the gained momentum in the coming sessions. At press time, the alt traded at $23.53, down by 4.07% in the last 24 hours.The 89.68% retracement led the alt to rise toward its two-month high on 19 July. This buying comeback helped the bulls find a close above the near as well as long-term EMAs.
Over the last few days, ETC broke into high volatility while the price recovered in an ascending channel. But with the $25 resistance keeping a check on the recent rally, the bulls still needed to infuse higher buying volumes.. Post this, the alt could see a low volatility phase. If the sellers lose their vigor, ETC will aim to retest the $25.6 zone before any trend-altering move.
Any deterioration in the sentiment could slight bullish tendencies. The buyers had to ensure a position above the 20 EMA to prevent this.The Relative Strength Index consistently maintained its spot above the midline and depicted a slight bullish edge. Should the bulls continue to ensure the midline support, the alt could continue seeing near-term gains.
However, the CMF revealed a somewhat bearish picture while it plunged below the zero-mark and affirmed a decrease in the money flows.If ETC continues its rebound from the 38.2% support, it could see some gains before flattening near the POC. In this case, thelow volatilityFinally, the broader market sentiment and the on-chain developments would play a vital role in influencing future movements.Subscribe to get it daily in your inbox.
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