ETC/USD drops below $7, but then peeks back up

  • ETC/USD fell from $7.08 to $6.97 in the early hours of Friday.
  • ETC/USD outperformed Bitcoin this Thursday.

Ethereum Classic had a bearish start to Friday wherein the price dropped from $7.08 to $6.97, going below the $7-level in the process. However, the bulls then managed to rally together and got the price back up to $7.03. The digital coin had a very bullish Thursday, where it ended up outperforming Bitcoin and going up from $6.79 to $7.08. The hourly breakdown of Friday so far shows that the bulls tried to recover after the bears took the price down to $7.01. However, the bears then took control and plunged the price down to $6.97, before a bullish rally got it back up to $7.03.

ETC/USD daily chart

The daily price chart is trending in a triangular formation and above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) indicator shows four straight bullish sessions of increasing intensity and the Elliott oscillator shows five consecutive bullish sessions of growing intensity.


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