Ethereum Classic (ETC)
Ethereum Classic (ETC) is one of the few major cryptos that have opened the week in positive territory. It has opened the week at last week’s high of $17.65. Volumes are on the rise too, indicating that there is strong investor interest in Ethereum Classic at this point.
The bullish sentiment around Ethereum Classic (ETC) is also visible in the day charts, where it is trading above the 100-day moving average, after it broke above it $16.8 in yesterday’s trading. This means that $16.88 is now a key support area, and with increased volumes, it will most likely hold. That’s key factor behind it is Coinbase.
Coinbase announced that they will be listing Ethereum Classic (ETC) at any time from Tuesday this week. The expectation of a price increase once it’s listed will support it above the 100-day moving average support level. Intra-day trading also shows that Ethereum Classic (ETC) is headed for even bigger gains, having broken above the 200-day moving average resistance level. If this momentum continues, the next target to the upside is at $18.31. If it breaks above this level, then Ethereum Classic could test $19 within the day, or at some point in the next 24-hours.
Last week was a bloodbath for altcoins following bitcoin (BTC)’s reversal and its drop below $7000. Most altcoins are down by up to 20%. One of the few exceptions to this drop is XinFin (XDCE). All through last week, XinFin was largely stable, trading in a range at around $0.0026. It’s only on the 4th of August that it dropped to $0.0015 before it quickly shot back up to $0.0026. This is an indicator that there is strong buying momentum in XinFin, relative to other cryptos in the market.
In the day charts, XinFin (XDCE) is up by about 0.5% on a day when most of the market is in the red. Volumes are on the rise too, which goes to show that there is a strong buying momentum in XinFin at the moment. It is an indicator that there is increased investor confidence in XinFin, as more people get to know about its potential in the market. If volumes continue to rise in the next 24-hours, XinFin (XDCE) could rise to $0.003. A break above that could see it test to $0.0035.
Tron (TRX) is one of the cryptos that have greatly been affected by the crypto market bear run, having dropped from a high of $0.10 to its current price of $0.028. It has started the week at last week’s low of $0.03 and is headed lower. However, it has possibly reached a long-term support level at $0.028. If it doesn’t break below this price level, an increase in buying momentum, could put in a long-term growth trajectory, one that could see it rise back to its all-time highs in coming months
The day chart also shows that Tron (TRX) has hit a long-term support level at $0.028. If there is a reversal at this point, Tron (TRX) could rise to $0.04, which is the first resistance level in the short-term.