Technical Analysis by John Stewart August 17, 2018
ETC, Ethereum Classic, is experiencing the profitable gains as of today’ anticipated listings on the Coinbase Exchange. It is true at the time of writing that ETC is going through exchanges at the rate of $14.04 which is a 15.72% gain as compared to the last 24 hours digit.
It makes ETC the current biggest gainer of the 15 cryptocurrencies in market capitalization, as the data from CoinMarketCap proves. Unlike other currencies, this rise isn’t the first that Ethereum Classic has experienced. As even before ETC rose sharply to $21.25 exchange rate at the start of the same month. It has allowed the experienced and expert traders to find their listings and carry out their exchanges.
But after the gain was the unexpected worst which took place because of the market sell-off, ETC fell as low as $10.24 on 14 August. It was down by 50% as compared to the highs experienced on 7 August. The ETC rates have therefore seen their share of ups and down in this month and right now it has the highest bidding amount of a long time.
The market is recovering from the lows that were experienced around the two days ago and had gained 36% of subsequent growth. These rates have surely marked new interests for the willing investors and traders with the above average amounts for their transactions.
If we are to look at an hourly chart published on TradingView, the exchange rate is looking rather substantial and has traded back up to impress its investors. The trading volumes are showing overbought conditions about its index strength and stochastic. It can create an upside in the coming hours after a pullback.
Similarly, the daily chart published by the same, the rate is favoring with the bulls as we see the bull reversal in those charts. These are the facts laid out according to the live reporting of the chart on the daily and hourly basis. Furthermore, the stochastic experienced bull cross earlier this week and this is prompting it to rise from the oversold markets to the favor for the bulls, as similarly experienced by RSI.
Ethereum Classic has therefore experienced a low-to-high short-term trend with a subsequent change for the week. It has found itself ready to experience the exchanges in the market with the average exchange rate of $16.15 for the next 50-day target. Moreover, the accepting rates above the key points towards the increasing bulls.
However, this is sensitive and prone to change at any given time, especially if the prices drop. If the price drops to $12.00 as marked by 10 June, the bullish case can weaken.