ETC rallies by nearly 20%, outperforming the broader market

The crypto market continues to perform well this week as BTC and other companies rise.

The crypto market has been strong over the past few hours. The market capitalization of cryptocurrencies remains above $ 1 trillion as the wider market has added more than 2% to its value in the last 24 hours.

Bitcoin has kept its price above the $ 22,000 resistance level, rising by more than 10% in the last seven days. Ether eventually exceeded the psychological level of $ 1,500 after adding more than 5% to its value in the last 24 hours.

However, ETC, the native token of the Ethereum Classic blockchain, performs best among the top 50 cryptocurrencies by market capitalization. ETC has risen by more than 19% in the last 24 hours, surpassing the broader crypto market in the process.

This rally will probably be facilitated by the upcoming Ethereum Marge. At the merge event, Ethereum will make a full transition to the Proof of Stakes protocol. Ethereum developers will be able to implement the merge within September.

In that case, ETC will continue to use the Proof of Work protocol, and miners on the Ethereum network may move to Ethereum Classic.

Notable important level

The ETC / USD 4-hour chart is bullish as the Ethereum Classic has shown excellent performance over the past few days.

The MACD line crosses the positive zone over the weekend and maintains its position there, showing bullish momentum.

A 14-day Relative Strength Index of 88 indicates that ETC is currently in an overbought area.

At the time of press, ETC is trading at $ 25. With the next 24-hour rally extension, ETC could exceed the $ 30 resistance level. However, reaching $ 35 for the first time since April 2022 will require broader crypto market support.

If bears dominate the market, ETC could lose its $ 21 support level in the coming hours. However, ETC needs to comfortably defend positions above the $ 17 support level in the short term.

Leave a Reply

Your email address will not be published. Required fields are marked *