The crypto market has in general been very risk-averse. Even though we have seen loads of volatility, the general trend in the market has remained bearish. Ethereum Classic (ETC) is one of those coins that have been affected by this, and it seems the coin has very little bullish momentum right now. Here are some highlights:
ETC has managed to keep price action above the $25 support for now.
The token is currently trading at $26.56, virtually unchanged in the last 24 hours.
Despite this, ETC remains highly vulnerable to selling pressure.
Data Source: Tradingview
Ethereum Classic (ETC) – Where does the price go?
A look at the price action over the last few days suggests that ETC is trading within a symmetrical triangle. This means that the coin is oscillating between support and resistance in almost the same breath. So, even if ETC was somehow able to build an upward trajectory, the coin would likely pull back at $28 and return to the $25 support.
This is why we feel there is very little bullish momentum right now. But even with this symmetrical triangle, ETC still remains highly vulnerable to selling pressure. In fact, with current market volatility, it will be highly unreasonable to expect ETC to hold the $25 support in the days ahead. As a result, we believe that the only way the symmetrical triangle breaks is if ETC goes on a downtrend.
Why buy Ethereum Classic anyway?
It’s always hard for most investors to buy coins that appear to have plateaued or those that don’t seem to have enough upward momentum. But at the end of the day, the long-term outlook is what really matters for crypto investors.
While right now, Ethereum Classic (ETC) appears to be struggling with bullish momentum, in the medium and longer-term, the coin will still deliver value for investors.
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- Crypto Market
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- Ethereum Classic (ETC)
- For Investors
- Symmetrical Triangle