Ethereum Classic (ETC) Reclaims $3 Billion Market Cap, More Upside To Follow?
19 Juli 2022 - 7:00PM
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Ethereum Classic (ETC) has followed the lead of its larger
counterparts and posted some tremendous gains in the last couple of
weeks. The token, which is an offshoot of the second-largest
cryptocurrency, Ethereum, has been suffering due to the bear trend
that has been plaguing the market. But as the sentiment has begun
to turn, Ethereum Class (ETC) has emerged as one of the biggest
winners of the last week. Ethereum Classic Adds 80% Ethereum
Classic’s recovery in the last week has been nothing short of
miraculous. Where other cryptocurrencies have been posting gains
below 50%, the altcoin has surged more than 80% in the last 7 days
alone. More specifically, Ethereum Classic (ETC) is up 83.505,
according to data from Coinmarketcap. Related Reading
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Decline Incoming? This recovery has taken the price of the digital
asset and catapulted it into the mid $20s. After spending most of
last week trending around $14, the price is now up almost 100% in
this time period. In the same vein, the total market cap of the
cryptocurrency has climbed. It added more than $1 billion to its
market cap in the last two days alone, to be sitting at its current
level of $3.97 billion at the time of this writing. It is no
surprise that the altcoin is surging at this time. It has always
shown a tendency to follow the price movements of Ethereum.
However, the margin by which it is surging above its predecessor
has been wide, showing a deviation from this usual correlation. ETC
market cap crosses $3 billion | Source: Market Cap ETC on
TradingView.com ETC Is Not Done Yet The indicators for Ethereum
Classic (ETC) point to more steam in the current rally. An example
is the fact that the digital asset over the last couple of days. It
has consistently closed in the green in the last three days, and
the indicators point to another green close for ETC. Related
Reading | Liquidations Cross $230 Million As Ethereum Barrels
Past $1,400 Another daily close above $25 will likely see the price
rally to $30 before the week is over. This will bring its recovery
over the last one week to more than 100%. Its 100-day moving
average is just under $27, so a cross to $30 would put it higher
above this level, as well as higher than its year-to-date moving
average. This will cement its bull trend over the next week. There
is still significant sell pressure mounting up as investors are
taking out some profit. However, support is forming at $25, which
gives it a soft landing if it is unable to break the $27
resistance. Also, if Ethereum’s recovery continues, then support
will continue to pour in for Ethereum Classic, pushing its price
further. Featured image from The Coin Republic, chart from
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