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Ethereum Classic showed convergence within their respective networks and anticipated clear demand signals. As the price reached the upper limit of $.143, IOTA exhibited a bearish presence.
Ethereum Classic [ETC]
The 4-hour timeline comeback of Ethereum Classic was stopped at the upper ceiling of $13.9, coinciding with Bitcoin’s pullback from above the $61,000 level. Although the market leaders have been trading rangebound since retracing from record highs, ETC has also entered a spell of consolidation while waiting for their next major swing. As the economy stayed in equilibrium, the price oscillated between $12.5 and $11.6.
According to the Bollinger Bands, volatility was minimal at the time of publishing. However, the RSI is pointing lower from below 40, and a leap into the bottom zone will almost certainly result in ETC losing its press-time support. At $9.8, this will illustrate the next line of defence.
Over the last few weeks, IOTA has repeatedly tested its upper limit of $.143. This suggested healthy buying pressure, as demonstrated by higher highs on the OBV. Once the market’s selling pressure has been depleted, a breakout is anticipated.
The RSI, however, pointed south from below 60, indicating that the bulls were losing momentum as the market reached the upper limit once more. Low trading volumes meant that a breakout would not occur in the near term, but an increase in volumes might indicate a departure from the current channel.