Ethereum Classic Trades Laterally After Reflecting Double-top at $6.19

The crypto market marked a strong bearish impact in the middle of the week. From the last couple of days, most cryptocurrencies are on the path of recovery. The improvement has also helped Ethereum Classic (ETC) to recover from past losses.

According to the latest news, the Edge wallet has added support for Ethereum Classic in the form of Compound Governance token (COMP). Also, there are few updates added to Edge’s FIO integration in context to the protocol for new users.

With a whooping smart contract platform, Ethereum Classic was designed for supporting decentralized applications (dApps). It is said to be the legacy chain. In mid-2017, the Ethereum community was forked away after the contentious hard fork from the legacy of the Ethereum chain.

Similar to Ethereum, Ethereum Classic also features a smart contract processing optimized virtual machine known as the EVM or Ethereum Virtual Machine. ETC is used for incentivizing miners and transactions to secure and run the platform. Ethereum Classic offers an inflation schedule and a more defined monetary policy with no intent to transact to a PoS (Proof of Stake) design.

The Ethereum Classic community concentrates on censorship resistance, proof of work, immutability, and a capped and predictable inflation schedule. Reportedly, the Edge wallet has also added support for the brand-new governance token of Compound dApps: COMP. It is a decentralized money market standing on Ethereum.

Ethereum Classic Price Analysis

Ethereum Classic (ETC) Price News
ETC/USD Chart By TradingView

The week-long chart of Ethereum Classic is reflecting improvement after a mild plunge. Starting from July 16, the coin was at $6.21. The day encountered heavy pressure, and thus, the ETC price fell and breached its crucial support at $5.89. However, Ethereum Classic managed to recover up to $6.05. With moderate volatility, the currency held the position strong at $6.05.

There was a major improvement marked from July 19, and on the next day, the ETC/USD spotted at $6.14. However, the coin again faced rejection and corrected downwards, but it managed to stay above $6 price mark. From then, the currency registered an upside movement, and today, ETC coin retested a $6.19 mark.

The moving averages of 20 days and 50 days are at $6.13 and $6.12, respectively. The daily averages are proving strong support to the coin; therefore, the intraday loss might reflect a recovery in the later hours.

The technical counters are also reflecting green signals as the MACD line is overlapping the signal line and creating bullish crossover. The recovery signs are quite strong for Ethereum Classic. As per the current price movement, the chances of improvement are high; therefore, the price of the Ethereum Classic could improve to its crucial resistance of $6.23.

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