Ethereum Classic Scores 22% In One Week, Is $20 Mark Possible?
Ethereum Classic (ETC) bulls have been active over the past week, bullishly pushing the token’s price with significant gains in the last seven days. An over 22% seven-day price increase saw ETC smash the $15.79 resistance level to $18.74 at press time.
Bullish signals point to more rallies for Ethereum Classic as the global market cap rallies, gradually propelling Bitcoin toward the $31,000 mark. The token could be charging up momentum to conquer the $20 mark in the coming days.
Ethereum Classic’s Price Swings
Ethereum Classic (ETC) launched in July 2016 as a hard fork of Ethereum that supports decentralized applications (DApps). The main aim of Ethereum Classic’s launch is to preserve the Ethereum blockchain’s originality. Earlier in June, ETC’s price retraced from its key support level of $18.25. It plunged into a bearish swing that caused severe losses for the token.
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ETC’s price rapidly nosedived from over $18 on June 4 to less than $15 in mid-June. The token traded sideways between June 10 and June 20 before shooting up to $19.17 on June 24, with an over 27% price increase.
Fortunately, ETC recovered momentum after several days of bearish movement. And Ethereum Classic was among the coins that benefited from the buzz generated by multiple Bitcoin ETF filings by leading US-based asset managers.
The token shows bullish signs as the market slightly rebounded today after a brief correction in the last 24 hours. As of the time of writing, ETC trades at $18.74, with a 24-hour price increase of 2.52% and a 22.89% seven-day growth in value.
Can Ethereum Classic Bulls Defend The Ongoing Rally?
Buyers took charge of the market between June 23 and 24. The increasing buying pressure pushed the trading volume from $151.66 million to over $500 million on June 24.
Though there was a pullback, another uptick in trading volume is noticeable, with a 43.29% increase in the last 24 hours. This suggests the bulls are determined to claim the $20 level and could achieve the target if the uptick in trading volume continues.
Ethereum Classic’s key support level currently stands at $18.42 on its TradingView daily chart. The bulls are working with the $19.44 resistance level in mind. But the ETC price may shoot above $20 once the bulls successfully push the token off the $19.44 resistance.
The cryptocurrency market outlook shows recovery signs as most coins trade in the green zone. But the overall market outlook suggests a mixed investor reaction since some coin prices are still red.
Bitcoin, the chief cryptocurrency, has increased by 0.91% in 24 hours with a 14.20% seven-day gain, while Ethereum still fluctuates between the red and green zones.
Chances are high that ETC would sustain its rally if the market sentiment becomes fully bullish.
Featured image from Pixabay and chart from TradingView.com
