Ethereum Classic ETC Price Dips Below $5.25: Analysis

The Ethereum classic ETC coin dropped to $5.22, recording a downtrend of 11 percent over the past 24 hours. Why is the coin still dropping? Let’s find out in the Ethereum classic news below.

The Ethereum classic ETC bulls rejected the $6.04 level and the altcoin dipped below .
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25 in the early hours of the day. the price is now floating within the channel formation and crossed below the 9-day moving average. The RSI indicator shows increasing bearish momentum as the signal line moves below the 48-level showing that the market sentiment is quite bearish as well. The coin is changing hands at $5.42 and if the ETC price rises again and breaks the $6.00 resistance level, the cryptocurrency could start an upward movement and retest the previous high. The closest resistance levels to reach are $7.0 and $8.9 while the major support levels to watch are $4.0 and $3.00 which will provide a low trading volume.

The ETC price was dropping and trading under the 9-day and 21-day moving averages while the Ethereum Classic ETC coin continued the bearish run currently. The next level of the support could surface at around 700 SAT and then try to find out support at 600 SAT level if the sell-off continues. On the upside, however, the bulls are gathering momentum to push the price back above the moving averages. Ethereum Classic could face the 850 SAT and any further resistance level could reach the signal RSI line of 14 and nosedive below the 45 levels If the coin moves below it.

The market capitalization of the coin is $570,020,895 with a traded volume of $1,369,348,651 and a circulating supply of 116,313,299 ETC. The technical charts show that Ethereum classic turns red since the price was unable to make a climb. ETC suffered a heavy downfall in every aspect and the bearish nature of the market put the bears into a dominating position so the prices were unable to acquire a stable level to stand against the odds.

Ethereum Classic outlined new policies and procedures based on its core principles, as it enters a new era in development. The organization expressed their problem with modern money, property and agreements and how it is all about them running largely on centralized systems such as financial institutions, tech companies and several other types of industries that are controlled by the trusted third parties. In this case, the trusted third parties become the security holes.