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There is a new top 10 cryptocurrency.
At the time of the press, the total value of all the classic ether (ETCs), the cryptocurrency that feeds the classic ethereum blockchain, in circulation exceeded $ 2.2 billion, a move that helped move it from 12th place at the start of the day at the 10th place according to the CoinMarketCap data.
Better known as the original blockchain ethereum, or the version in which the stolen funds in a high-profile hack of 2016 still belong to the attacker, classic ethereum is taking advantage of the winds made available by the major market listings .
Already on August 6th, he saw the addition of ETCs to the US crypto Robinhood trading platform, news that was followed by a price increase between access to new market liquidity. As a result, the listing could be seen as a catalyst that helped ETC climb a significant resistance to $ 19, a level that failed to climb on several occasions.
Proposed in part by the announcement, ETC is currently up by 8.5% on the day, a figure that has helped to gain ground on competing cryptocurrencies.
At 2:00 UTC, the ether classic passed the MIOTA, the cryptocurrency that powers the IOTA blockchain, claiming the 10th place on the CoinMarketCap chart and creating a new 3-month high of $ 20.37.
The Bitfinex data show that classic ether was widely traded between $ 14.18 and $ 18.99 from mid-May, slipping only once below. However, an announcement by Coinbase, which stated ETC's listing on its exchange, helped push prices higher on June 21st.
Following an increase in retail investors interest stimulated by a greater accessibility to the market, traders move back to classic ether, an activity that could continue before the expected listing of Coinbase tomorrow.
Daily chart
The daily chart for classic ether is in favor of bulls with an enlargement of the MACD lines (blue and orange) and the histogram shortens, confirming the strength of its most recent move.
Furthermore, a peak in the bullish volume seen on 3 and 6 August provided substantial support for pushing it on the $ 19 resistance line, which had acted as a rigid psychological barrier since May 13.
A withdrawal is expected in the coming days as the Relative Strength Index (RSI) exceeded its highest level in three months at 64.87 points and began to shrink, marking the peak of the bullish momentum.
Weekly chart
The break from the symmetrical triangle seen on the weekly chart adds credibility to the long-term bullish continuation, as these graphs historically offer stronger buying signals over longer times.
The total growing volume is already at the same levels as the previous week of 23 July, with the bulls aiming to double the current total volume to match the previous week of July 30 to 4.42 million.
view
- The continuation is probable because the bulls have already reached the previous weekly total volume (16 July – 23 July)
- Weekly levels of RSI seem healthy and show only a slight increase in momentum, signaling space for further growth
- The symmetrical uptrend triangle has allowed the continuation of the upside with prices that break the long-term resistance level to $ 19
- A pullback before the continuation is also a potential as traders seek profit and the daily indicators take their time to cool off.
Change: The title of this article was updated to correct an inaccuracy of the original indicating that ETC had reached a maximum of 2018.
Disclosure: the author retains USDT at the time of writing.
Gold Star via Shutterstock; Chart through Trading View
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