ETC price has rebounded back above the crucial level of 50 after the over 20% decline on Wednesday. According to CoinMarketCap, its trading volume has risen by 93.25% over the past 24 hours while its market cap is up by 3.08% during the same timeframe. In comparison, the global crypto market cap has declined by 1.52% at the crucial $2.50 trillion mark.
ETC price outlook
Ethereum Classic is back above the psychological level of 50 after plunging to a three-month low of 43.14 in the previous session. On Wednesday, it fell by 22.10% before rebounding. At the time of writing, the altcoin was up by 4.26% at 50.65.
Notably, the range between the psychological level of 50 and the resistance level at 56.34 has been a crucial one for ETC price; especially in the current month. On a four-hour chart, it is trading below the 25 and 50-day exponential moving averages.
At its current level, it has returned to the aforementioned range. In the short term, I expect it to remain within the horizontal channel. It may rebound to find resistance along the 25-day EMA at 52.76. Above that level, the next target will be at 55.
On the lower side, 50 will likely remain a crucial support level for ETC price in the ensuing sessions. Granted, the bears may manage to push it to 48.22 before rebounding to above 50.