Ethereum Classic Price Analysis – ETC/USD
Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine, which can execute scripts using an international network of public nodes.
The 18th largest cryptocurrency – Ethereum Classic having its current market cap stands at the level of $478,949,907 (11:15 UTC) on January 11 dropped in current value by 55.46% relative to the level of November 06 as analyzed from the graph above. The strong bearish pressure that caused a drop in value corresponding to November 06. However, the ETC/USD pair remained ‘uptrend’ from December 18 to January 06 as interpreted from the graph above which signifies the bullish trend.
Amid this, the ETC/USD pair gained in value dramatically by 27.5% compared to December 06 which can well be analyzed from the graph above, which elaborates that the bullish trend may expect to accelerate soon!
Since both, the moving averages slashed like a stone by creating the downward pressure over the value. Besides this, ETC shows that the bears have the upper hands as the ETC/USD pair remains in bearish trends for some time until the next “uptrend” takes place. Traders that would like to invest into this cryptocurrency may explore to create long position the moment ‘uptrend’ takes place and remained for some time. The altcoin may expect to offer the best return down the line.
Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The ETC/USD pair remained range bound from December 17 to December 24 last year, as the cryptocurrency rallied from a low of $3.67 to a high of $5.78 which is a 57.4 percent minimal return within seven days.
Ethereum Classic (ETC) is a smarter blockchain, and it is a network, a community, and a cryptocurrency that takes digital assets further. With this it allows people to send the value to each other and it allows for complex contracts that operate autonomously and cannot be modified or censored. ETC acts like a smartphone where it can do everything likewise Bitcoin can do. If the Internet were merely a bunch of interconnected computers and didn’t have any users or creators making websites, it would be mostly useless. The blockchain needs users and creators. So ETC has both where their community resolves the real-world problems of interconnecting people and their devices.
Besides this, ETC has some of the most extensive network activity of any blockchain, consistently higher than Bitcoin Cash, and neck-and-neck with Litecoin. They also have multiple developer teams, all of whom are committed to the long term ETC vision. The ETC is said to be the top-10 in programmer activity (measured by code commits). With this, they have numerous sources of funding, and they continue to grow, day-by-day, commit-by-commit, line-by-line of code to create a bullet-proof network that anyone can use.
Now, let me walk you through the trading moment of Price, and Market Cap of ETC as follows:
As we can quickly analyze from the graph above that the MCap stands at MCap $478,949,907, (11:15 UTC) with the blue trend line, and Price (BTC) 0.00121316 through orange trend line with 24h Volume 134,022,502 (10:34 UTC) can be interpreted from the graph above. As we can interpret from the graph above that the highest Mcap traded on January 07, and Price/BTC was on January 06, since then both dropped like a stone, however as of today they have started gaining value thereby creating the bullish trends!
While we can estimate from the first graph, if bulls succeed in rising and sustaining above the current resistance level $4.5 (11:33 UTC) and create “uptrend” in value (i.e., traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. It seems that this altcoin will soon start trading beyond the 20-day EMA thereby creating the bullish pattern and may remain for some time. However, based on the current trend, the next support level could be $5.
Please feel free to visit https://ethereumclassic.org/ to know more about this cryptocurrency!