ETC/USD price analysis: Ethereum Classic defies the market and keeps going up

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  • ETC/USD has gone up to $6.35 so far this Wednesday.
  • The latest price session has overcome the resistance provided by the SMA 200 curve.

Despite a bearish pull-down experienced by most of the crypto market, Ethereum Classic has continued to defy expectations. ETC/USD is on course of having four bullish days in a row. This Tuesday, ETC/USD went up from $5.58 to $6.05. So far, the price has gone up further to $6.35. Over the last four days, ETC/USD has gone up from $5.48 to $6.35, charting a 15.87% growth.

ETC/USD daily chart

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The latest price session has peaked above the upper curve of the 20-day Bollinger band, indicating that it is overpriced. This shows that the bears may step in soon to correct the market. The latest session has also overcome the resistance provided by the 200-day simple moving average (SMA 200) curve, while SMA 50 now acts as immediate market resistance. The moving average convergence/divergence (MACD) indicator shows increasing bullish momentum, while the Elliot wave oscillator shows two straight bullish sessions.
 

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