Ethereum Classic (ETC)
Ethereum Classic (ETC) has opened the week in positive territory. It has opened the week at last week’s close of $17.17. Volumes are high too, indicating that there is strong investor interest in Ethereum Classic (ETC) at this price level. This could be driven by the expectation of more gains once it lands on Coinbase. In the day, Ethereum Classic (ETC) is trading in a narrow range between the 100-day and the 55-day moving averages. However, in the last few hours, it has made spiked above the 100-day moving average. That’s an indicator that it could break out in a bullish rally in coming hours, and establish the 100-day moving average at $17.15 as the week’s support level.
Such a breakout could see Ethereum Classic (ETC) test $18.69 in the next 12- 24 hours. Ethereum Classic’s upside potential is also supported by bitcoin (BTC), whose weekly charts indicates that it is about to push higher to around $9000 in the week. However, if bitcoin breaks downwards below $8000, Ethereum Classic could either range at $17.15 – $17.10 or dip to around $15.56 along the 55-day moving average, which is the key support level in the day.
In the past week, XinFin (XDCE) has been trading in a range along $0.0032. However, volumes have been rising, an indicator that there is increased buying momentum in this market. This is mainly driven by the recent summits in India and Singapore that have led to an increased awareness about XinFin about its growing use case across different industries. In the day, XinFin is showing signs of an early uptrend, though it’s not a big one, but with fast rising volumes, it can sustain.
This can be interpreted as a strong bullish signal, when you factor in the fact that most altcoins have opened the week in the red. It also shows that there is an increased bullish momentum in this market, one that could see its price gain momentum as bitcoin (BTC) starts to peak in the week. If in the next 24 hours, Bitcoin rises to over $8500, XinFin (XDCE) could make a huge gains too, and test the weekly resistance level of $0.0035. It’s definitely one of the more bullish altcoins in the market today.
Bitcoin (BTC) has opened the week above the 55-day moving average, at last week’s close of $8100. This is a bullish signal, and an indicator that there is strong buying momentum in the market at this point. This could be driven by the expectation that the CBOE ETF may still be approved, despite the fact that the one by the Winklevoss twins was rejected. This bullish momentum is also visible in the day charts, where the price has been ranging along $8000 to $8300.
The fact that it has maintained above $8000 in spite of the Winklevoss ETF rejection is a sign that there is strong bullish momentum, and creates the possibility that bitcoin (BTC) could break above $8500 in the next 24 hours. The volumes are good too, and support such a price move.