Ethereum Classic remains the market leader; the coin gains 7.5% since the beginning of Monday

• ETC/USD has recovered some losses during the trading session on Monday.
• Despite the recovery, it is still down over 9% on a day-to-day basis.

Ethereum Classic, now the 18th largest digital asset with the current market value of $805 million, has lost over 9% in the recent 24 hours to trade at $6.93 at the time of writing. ETC/USD has been moving in sync with the market, gripped by massive sell-off and panic. However, the coin has been one of the best-performing coins on Monday. Since the beginning of the day, ETC/USD has recovered from Sunday’s low of $6.28 and gained over 6% since the beginning of the day. 

ETC/USD: Technical picture

On the intraday charts, ETC/USD has been moving in a side-channel with bullish bias. The price settled above the middle lines of 1-hour and 30-min Bollinger Bands and moved towards the next critical resistance created by $7.00. This line is reinforced by SMA50 30-min located on approach; however, once it is out of the way, the recovery may gain traction with the next focus on $7.30 (SMA100 daily) and $7.40 (SMA50 1-hour). Notably, an upward-looking RSI on 1-hour chart implies further gains in the short run. Stronger resistance is created by SMA100 1-hour at $7.80 and psychological $8.00. 

On the downside, the vital support is created by Sunday’s low of $6.28. It is closely followed by SMA200 daily at $6.25. This area stopped the sell-off on the weekend and thus it should be regarded as a powerful backstop for ETC. If it is broken, the price will continue tumble towards psychological $6.00 and $5.30, which is the upper boundary of the [revious consolidation channel.

ETC/USD 1-hour chart