Ethereum Classic Beats Major Cryptos To Turn Market Green
ETC’s recent addition to Coinbase and a resilience history are believed to be responsible for the surge.
ETC Only Crypto To Register Positive Gains
Over the last 24 hours, ethereum classic has emerged to be the only top 20 cryptos to gain positively. At the moment ETC has moved up by over 5% while other currencies dropped. Traditionally, ETC is known to remain tight whenever the market performs poorly. The resilience could be the reason why the crypto has turned green despite other competitors recording declines. This behaviour is not new and some investors are realizing that the crypto might be underrated.
The good performance by ETC can be attributed to other factors apart from the traditional stability. Charts indicate that ETC is about to undergo a trend reversal. Many investors might head towards ETC due to a number of recent events. Recently, ETC was added to Coinbase while at the same time achieving IOT compatibility.
Price indicators show that ETC value will keep surging upwards in the coming days. It is not yet clear if the prices will drop. According to analysts from MACD, the value of ETC might keep correcting for the next 30 days if conditions remain constant.
However, the market is still faced with a number of uncertainties, with investors putting in mind the correction cycle. If the cycles come to an end this month it is not clear what will happen. For investors looking forward to the next cycle, the current juncture is the best entry level.
Correction Affects Bitcoin
The current correction has affected bitcoin also. Weekly ETC/BTC charts indicate that ETC has maintained its trend point that emerged back in 2016. Looking at the previous years, currently, ETC is about to experience a major breakthrough. Soon as the cycle kicks off, the bulls are readily waiting to take over.
The market is currently facing an uphill task. This has been occasioned by cryptos awaiting major breakout following years of sideways growth. The breakout might last over a month for any crypto to achieve any highs. Investors should remain on high alert since some are patiently waiting for the bottom lows. However, if they focus on the bottom, they might miss out on the breakout.
The same has been witnessed with Litcoin. Immediately it was enrolled on Coinbase. Price changes were not witnessed during the early stages forcing many people to give up. Later, Litecoin price shot to over $300 after.