The cryptocurrency market records a red trading day as the top cryptos undergo significant price correction. Further, the Ethereum Classic price has lost over 10% in value within the past 24 hours, making it one of the top losers for the day.
The ETC price traded in a closed space between $16.63 and $17.71 for a week, following which the price gained momentum, resulting in a breakout. The rally was short-lived as the price faced rejection at $18.94, after which the price displayed a sideways trend for a while.
As the bulls gained power, the price broke out of its resistance level and jumped 15% before facing rejection at $21.62. The price then started recording lower highs, resulting in it trading in a descending channel pattern.
After trading in a consolidated range between $17.71 and $20 for over two weeks, the bulls regained power and broke out of the range. The ETC price jumped 12.5% in value before facing rejection at its important resistance level of $23.45, indicating a strong liquidation point at that level.
The bulls then lost momentum and started trading under a bearish influence and have recorded a correction of over 13% in value since its top.
The technical indicator, MACD, displays a rising red histogram, indicating a stronger selling-over-buying pressure in the market. Further, the averages show a sharp fall in the chart, suggesting the price will continue experiencing a correction in value in the coming days.
Will ETC Price Rise Again?
If the bulls hold the price above the support level of $20, the price may regain momentum and prepare to test its resistance level at $21.62. Further, if the bulls hold the price at that level, it will set the stage for the Ethereum Classic price to test its upper resistance level of $22.50 in the coming days.
Conversely, if the bears continue to gain control over the market, the price will fall and test its support level of $18.94.
Moreover, if the bears continue to dominate the market, the ETC price will plunge further and make a run to test its lower support level of $17.71 by the weekend.
