Ethereum Classic (ETC) resumes uptrend, gains 13% in the last day

Ethereum Classic (ETC) is currently experiencing a growth in its market cap, with an increase of 13.99% in the last 24 hours. data from coinmarketcap,

After ETC’s decline over the past two days, it appears that the bulls have regained control of the market, with the coin trading above the $20 mark for the first time since April.

ETC Price Action in June

Ethereum Classic has made headlines over the past two weeks after an initial slump in early June. ETC started the month trading around $18.01 before experiencing a further decline, on June 10 the token traded as low as $13.99.

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After this, ETC will move up to $15.03 and will hover around this price area for the next few days and will gain 28.60% between June 20 and June 24, reaching the price resistance level of $19.33.

ETC would present mixed price action over the coming days before eventually retracing back to its key support level of $17.64 on June 29th. After retesting this price area, ETC price resumed its uptrend and has been climbing higher ever since.

Ethereum Classic (ETC) remains one of the leading projects in the cryptocurrency space. Launched in July 2016, Ethereum Classic is a hard fork of Ethereum created to preserve the purpose and integrity of the original Ethereum network.

At the time of writing, ETC is trading at $20.90, up 1.51% in the last hour. The 24-hour trading volume of the token currently stands at $482 million, an increase of 208.92%.

ETC Trading At $21.03 On The 1-Hour Chart | Source: ETCUSD Chart On Tradingview.com

ETC Price Analysis and Predictions

Looking at the hourly chart of ETC, its Moving Average Convergence Divergence (MACD) remains well above the signal line, indicating that the coin’s uptrend may still continue.

However, its Relative Strength Index (RSI) is currently in the overbought zone at 89.71, which means that selling pressure could happen soon, which could push the coin price lower.

Related Reading: Ethereum Continues Bullish as Staked ETH Reaches New High

According to the prediction site, wallet investorIf the bulls manage to maintain the buying pressure, then ETC price will see only a marginal increase and the market capitalization will reach $21.42 in 14 days.

However, if the situation is the opposite, and ETC is under bearish pressure, the team predicts that the coin will drop to a market cap of $18.00.

As mentioned, Ethereum Classic (ETC) as well as most of the crypto markets are in an uptrend. Market leader Bitcoin (BTC) is up 0.87% over the past day, while other notable coins like Cardano (ADA) and Solana (SOL) are also up by 7.41% and 6.72% respectively.

Featured Image: Chart from The Guardian Nigeria, TradingView.