ETC price is hanging above the crucial level of $60 by a whisker. The decline has been triggered by the fading of the bullish sentiment, even as greed remains the main emotion driving the asset class. A move below $60 may trigger a trend reversal as the market enters the profit-taking mode.
ETC price technical analysis
ETC is on a decline as it hovers slightly above the crucial support level of 60. At the time of writing, the cryptocurrency was down by 2.49% at 61.30. In the previous session, it dropped from an intraday high of 68.69.
Since hitting its key resistance level of 70 on Friday, Ethereum Classic price has lacked enough bullish momentum to retest the level. However, the optimism in the market has buoyed it above the key support level at 60 for one-and-a-half weeks.
On a four-hour chart, it is trading below the 25 and 50-day exponential moving averages. Besides, it is slightly above the 200-day EMA. A move below the 200-day EMA at 60 may trigger a trend reversal. If that happens, it may retest August’s low of 50 as the market gets into the profit-taking mode.
In the near term, I expect ETC price to trade within a tight range of between 65.05 and 60.83. The bulls may manage to push the price to along the 25-day EMA at 66.10 before pulling back.