ETC/USD up 6%, defies general market retracement
- Ethereum Classic price defends trendline support even as the $5.2 barrier remains impenetrable.
- The RSI suggests a reversal is imminent while the MACD displays a positive picture for ETC/USD.
The majority of assets on the cryptocurrency market are relatively bullish on Tuesday. However, the upward movements experienced are not rapid like those witnessed over the weekend. On the other hand, selected cryptocurrencies like Ethereum Classic have remained quite bullish. The cryptocurrency live rates provided by FXStreet show that the crypto is up 6% on Tuesday after correction from an opening price of $4.75 to the current market value of $5.04.
The breakout is part of a bullish trend that has been stirring up action above the trendline support. Amid the general recovery in the market, ETC approached $5.2 but failed to break the barrier. This allowed for a breakdown that found support at the 38.2% Fib retracement level taken between the last drop from $5.17 to a low of $4.02 aided by the ascending trendline support.
The push for recovery from the Fib level support finally gave way for the breakout on Tuesday where ETC approached $5.2 level again. However, a retreat is underway after failing to correct above the barrier. ETC/USD is trading above the Simple Moving Averages (SMAs) on the one-hour chart.
Technical Indicators like the Relative Strength Index (RSI) show that a reversal in imminent. The Moving Average Convergence Divergence (MACD) displays a positive technical picture, especially with the visible bullish cross. A higher support above $5.0 is likely to help in the next assault on $5.2.