Ethereum Classic has made an incredible recovery from the primary support at $11.00.
“In most cases when Coinbase adds a digital currency to its exchange platform, it would mean more money for a lot of projects for decentralized platforms,” Anthony Lusardi.
Cryptos suffered overarching declines mid this week following rumors that Goldman Sachs had announced that it is dropping its plans to launch a cryptocurrency desk. However, it turns out that that was fake news. It is unlikely, that the market will react again although I just became privy of the ‘fake news.’ I will keep a keen eye on the market and report any drastic changes.
Meanwhile, Ethereum Classic has made an incredible recovery from the primary support at $11.00. In spite of the overarching declines, the buyers protected this support level strongly stopping all movement towards $10.00. The bullish trend during the trading yesterday corrected higher above the 61.8% Fib level with the last swing high of $12.26 and swing low of $11.34. The price tested the resistance level at $12.40 but slowed down the momentum.
Ethereum Classic has corrected lower below the bullish trendline and the 50SMA (15-minutes). The 50% Fibonacci retracement is offering immediate support while a slightly bullish trend is reaching out towards $12.00. The 100SMA in the same chart offer support at $11.69 (38.2% Fib level). Moreover, $11.60 will hold in case of declines progress towards the primary support at $11.00.
In other news, the US Director of Ethereum Classic Cooperative, Anthony Lusardi shared his opinions on the advantages of ETC listing on Coinbase in a podcast interview with Crypto Basic Podcast Round Table. Lusardi also responded to questions from the community. While responding to a question of how the listing on Coinbase has changed the asset’s road and if additional money translates to faster adoption, he said:
“In most cases when Coinbase adds a digital currency to its exchange platform, it would mean more money for a lot of projects for decentralized platforms. A lot of projects have well over 50% of their tokens held by either the core development team or a core group of people closely associated with them.”
Lusardi, however, clarified that money is not the only force behind development but the listing on the exchange has allowed Ethereum Classic to seek development funds outside of the token. Coinbase has also exposed ETC to a wider market and through this exposure, adoption becomes easier: He added:
“We get just a lot more interest from people who are very new to cryptocurrency and I think that’s great, particularly for Ethereum Classic. A lot of people within the cryptocurrency space have already formed their opinion about the cryptocurrency based on what Ethereum Classic looked like in 2016. They haven’t really looked at it the digital asset much in 2018.”
ETC/USD 15′ chart
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