Ethereum Classic (ETC) looks set to outperform the market once again in weekend trading. In the last one day, Ethereum Classic has been trading above the 100-day moving average, which is a highly significant resistance level. As long as the current momentum sustains, Ethereum Classic could test $23 in the next 24-48 hours. This is the next resistance level along the 200-day moving average. Volumes too point to a growing interest in Ethereum Classic. That’s because in the last 24 hours, Ethereum Classic volumes have rose steadily, which means that there is growing investor interest in ETC at the moment. In the last 12 hours, Ethereum Classic is up by over 10% and has broken above $18. That’s a clear indicator that it could test $20.
So what fundamentals are driving Ethereum Classic, and making it stronger than the rest of the market? Well, the first one is that after surging to $6700, bitcoin is now trading sideways. As such, investors are unsure of what direction it can take over the weekend, especially if volumes decline. Therefore, they are going into stable coins like USDT, or to cryptos with some good news hanging around them, and one such crypto is Ethereum Classic.
Most of the good news around ETC revolve around Coinbase. Coinbase recently announced that they would be adding Ethereum Classic (ETC), thereby giving American investors access to this crypto. Coinbase has also announced that their custodial services for institutional investors are ready. This is giving investors the confidence that Ethereum Classic has the fundamentals to support an upside push, even if the rest of market trades sideways all through the weekend.
Another crypto that is showing signs of outperforming the market over the weekend is Stellar Lumens (XLM). In the day, Stellar Lumens (XLM) has seen a significant push in volumes, and the price is up by over 5%. With this momentum, Stellar Lumens (XLM) could push up $0.23 over the weekend. The main fundamental factors driving Stellar Lumens are news of the Australian government working with IBM to develop blockchain technology.
Given that IBM is a stellar partner, investors are taking it as an indicator that Australia could adopt Stellar at some point in the future. Australia is one of the world’s major economies, and if its central bank were to adopt Stellar (XLM), it could influence other central banks to follow suite. Stellar is also supported by news that a deutsche bank is looking to work with IBM and Stellar.
With these factors at play, investors are confident that Stellar and Ethereum Classic (ETC) stand the best chances for value growth over the weekend. However, investing in these two doesn’t mean that one should ignore bitcoin (BTC). If there is a significant decline in bitcoin volumes, it could hamper the value of these two cryptos rise over the weekend. Nevertheless, they stand the best chance for growth, relative to the rest of the market at this point.