July started with a mix of bullish and bearish signals for the cryptocurrency market. While cryptos like Bitcoin and XRP felt the bear crunch, altcoins such as Ethereum Classic were on the rise. The Ethereum fork was the biggest gainer in the top 20 club as it surpassed major players like XRP, and Dogecoin.
Ethereum Classic held the 19th rank on the charts, just falling short of THETA’s market cap. At press time, ETC was trading for $53.6 with a total cap of $6.145 billion. A 28 percent growth over the previous week had elevated the daily trading volume to $4.752 billion. Ethereum Classic also displayed another characteristic: it was the biggest weekly gainer and the biggest daily loser in the top 20 clubs simultaneously.
The cryptocurrency recorded a 10 percent dip in the last 24 hours which was 3x higher than BTC. ETC also has the advantage of a strong RSI which stayed above the $50 mark. The cryptocurrency’s 30-day moving average resed at $53.398 while investors hope for a bullish turnaround soon.
ETC 1 hour:
ETC’s hourly performance impacted its positive price action implemented on the 28th. Both the Bollinger bands diverged slightly from one another, which indicated the formation of a bearish price cloud. The RSI had dipped even further to $40 in the last 24-hours.
The Chaikin Money Flow was struggling to break out from underneath the price candles. This was an indication of the capital loss between the funds coming into the market and the funds leaving it.
ETC 1 day:
On the long-term charts, ETC was an example of steady movement. Since mid-May, the price action has been almost stagnant with the exception of slight bearish drops. The RSI here was nearer to the overbought zone after an increase in the number of ETC holders.
The Chaikin Money Flow indicator also sided with the bull as the graph ascended above the zero line. The sharp turn in the CMF can be attributed to users flooding the ETC market. Ethereum Classic’s Bollinger bands moved parallel to each other after its sustained price hold. It is predicted that the cloud may not be as large as the hourly charts because of the pattern break.