ETC price is trading above $55 after dropping to $53.25 in the previous session. According to CoinMarketCap, the altcoin’s trading volume has risen by 37.91% over the past 24 hours.
In the ensuing sessions, it will likely record further gains as the bulls seek to retest October’s high of $60. The bulls have an opportunity to hit this level amid the ongoing risk-on sentiment.
ETC price forecast
Ethereum Classic has extended its previous gains after bouncing off the support level of 52.98. On Wednesday, it dropped from a high of 57.20 before rebounding. The crypto is currently up by 0.37% at 55.43.
Notably, 52.50 has been a crucial level for ETC price since the beginning of May. While the bulls pushed it to 60 about two weeks ago, the altcoin has been largely been trading within a range since early October. The upper and lower borders of the aforementioned horizontal channel are 57.20 and 52.50 respectively.
In the short term, ETC price will likely remain within the horizontal channel as the bulls gather enough momentum to retest October’s high of 60. However, on the path to that target, there will likely be resistance at 57.20 and 58.85.
On the lower side, I expect it to find support along the 25-day EMA at 54.77. Below that, it may bounce off 52.98 as 52.50 remains a steady support zone.