The Ethereum Classic price analysis shows that the altcoin gained more than 5 percent and became the leader of the altcoins in terms of growth among the top 20 coins as we are reading further in the Ethereum classic news.
The technical and fundamental indicators show that the growth of the altcoin could continue but the downside correction is imminent. Ethereum Classic is one of the best-performing assets today since it gained 5 percent since the start of the day and hit a new high of 2020 to $13.18 price level. The ETC /USD pair is also changing hands at $12.89 amid the strong bullish trend. Despite the price increase, about 47 percent of the Ethereum classic holders make money at the current price with more than 79% of ETC owners keeping the coins for a year.
In the meantime, the Ethereum Classic price analysis shows that social engagement reached a new level in the recent three months and keeps on growing. At the time of writing, the figure exceeded 6 million engagements that can be seen by the LunaCrush stats. The metrics show the total social activity related to the asset and if you are seeing well, the sentiments show a climbing value of bearish sentiments which could signal that the coin is ready for a downside correction. From the long-term point of view, the pair broke free from the consolidation pattern and printed two major bullish candles on the daily charts. The price moved within the upside trend since 2018 but the bullish momentum started snowballing later and resulted in a 200% price increase since the start of the year.
The RSI on the daily charts for Ethereum classic entered overbought territory and there are still no signs of reversal which means that the price of the altcoin could climb higher before the correction begins. The closest resistance is created by $13.00 and it is followed by the recent high of .
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18. once this area is surpassed, the upside will likely start to gain traction with the next focus on the $14.00. looking at the downside, the support waits at $11.20 which is the lower boundary for the consolidation channel. A lower move means a slight increase to the downside momentum and push the price towards the lower line of the daily Bollinger band indicator at $10.30.
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