Ethereum Classic (ETC) is currently experiencing an increase in its market price, with a 13.99% increase in the last 24 hours, according to data from CoinMarketCap.
After the dip in the ETC over the past two days, it appears that the bulls have regained control of the market, with the coin trading above $20 for the first time since April.
ETC’s price action in June
Ethereum Classic has found a place in the headlines for the past two weeks after its initial bearish form in early June. ETC started the month trading around $18.01 before taking a nosedive with token trading as low as $13.99 on June 10.
Related Reading: Litecoin Up 18% in Last 24 Hours, Is the Rally Halving Here?
Thereafter, ETC would rise to $15.03 and hang around this price region for the next few days before embarking on a bullish run that would gain 28.60% between June 20 and June 24, bringing the price resistance level to $19.33 .
The following days would then see mixed price action before ETC finally returned to its key support level of $17.64 on June 29. After testing again in this price zone, the price of ETC has resumed its uptrend and has been climbing higher ever since.
Ethereum Classic (ETC) remains one of the biggest projects in the cryptocurrency space. Launched in July 2016, Ethereum Classic is a hard fork of Ethereum created to preserve the purpose and integrity of the original Ethereum network.
At the time of writing, ETC is trading hands at USD 20.90, up 1.51% in the last hour. The token’s 24-hour trading volume is currently valued at $482 million, also up 208.92%.
ETC Trading At $21.03 On The 1-Hour Chart | Source: ETCUSD Chart On Tradingview.com
ETC price analysis and forecast
Looking at the ETC’s hourly chart, the Moving Average Convergence Divergence (MACD) remains well above the signal line, indicating that the token’s bullish run is still underway.
However, the Relative Strength Index (RSI) is currently in the overbought zone at 89.71, which means that selling pressure could soon set in, which could drive the price of the token down.
Related reading: Ethereum continues its uptrend as ETH stakes soar to new highs
According to the prediction site WalletInvestorif the bulls manage to maintain the buying pressure, the price of ETC would experience only a small increase and reach the market value of $21.42 in 14 days.
However, if the reverse is the case and ETC comes under bearish pressure, the team predicts that the token will fall to a market price of $18.00.
That being said, most crypto markets are also in an uptrend alongside Ethereum Classic (ETC). Market leader Bitcoin (BTC) is up 0.87% over the past day, while other notable coins such as Cardano (ADA) and Solana (SOL) are also up 7.41% and 6.72% respectively.
Featured image: The Guardian Nigeria, chart from Tradingview.