has been a staple in the cryptocurrency market, but never expected to go 100x. Still, 2024 is widely anticipated to be a very bullish year for the market, even more so than it has already been. However, things have slowed down recently, and markets have tumbled.Since late May and into June, the trend has appeared generally bearish as ETC’s price made lower highs and lower lows – A classic indication of a downtrend.
Typically, low volume during a downtrend might suggest a lack of conviction in the sell-offs, but it could also mean that fewer buyers are present to push the price back up., which can be speculative buying or selling. In fact, the notable spike seemed to align with a peak in ETC’s price line, possibly pointing to a speculative rush that was not sustained and led to price retraction.The 50-day moving average recently crossed below the 200-day moving average, indicating a bearish ‘death cross.
The price peaked at around $35 in March, followed by a sharp decline. After that, it consolidated around the $30-mark before breaking below the 200-day moving average.Previous support levels can be observed around the $25-level, which have now been breached and may act as resistances if a price recovery attempt occurs. The next key support is likely around the $20-level, which could be tested if the prevailing bearish trend continues.
In conclusion, the hike in selling volume plus the breach of prior support levels tells us that the bears are here to stay.Jai Hamid works as a freelancer cryptocurrency journalist, specializing in blockchain technology. With a keen eye for detail and a knack for breaking down complex topics, she helps demystify blockchain for a wide audience, ranging from novice enthusiasts to industry experts.Subscribe to get it daily in your inbox.
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Source: CryptoAmb - 🏆 22. / 68 Read more »