Ethereum Classic (ETC)
Ethereum Classic (ETC) has started the week on a high note, having opened higher than yesterday’s close at $16.75. It’s also holding firmly above the 55-day moving average in the day, a firm indicator that there is strong buying momentum in this market. In intra-day trading, Ethereum Classic (ETC) has broken above the 200-day moving average, after bouncing off the 55-day moving average at $16.41.
That’s a clear bullish signal, one that could see Ethereum Classic (ETC) rise to $18.99. That’s the last high in the intra-day charts, and is likely to act as a resistance point in an intra-day bull rally. Volumes are on the rise too, an indicator that investors are getting more interested in Ethereum Classic in day trading.
If this momentum continues, Ethereum Classic (ETC) could break above the weekly 55-day moving average, and test $20 in the week. Other than Ethereum Classic (ETC)’s price action, its rise will also be dependent on the price of Bitcoin (BTC), the dominant crypto in the market. In the day, Bitcoin (BTC) has broken above $6500, a signal that it has rejected the $6000 support level, and is headed higher. This supports ETC’s bullish run in the short and the medium term.
In the past week, XinFin (XCDE) has been one of the best performing cryptos, having rose from a low of $0.0035 to its current price of $0.0038. This has mainly been pushed by fundamentals including the launch of the Multisig wallet and participation in an FCCI event in India. This event gave XinFin an edge into Indian business. In the day, XinFin (XDCE) is up by over 6%, and looks set to rise higher, with $0.004 as the next possible target.
Volumes are on the rise too, indicating that there is growing interest in XinFin. This surge in volumes is mainly linked to tomorrow’s OMFIF event in Singapore. Considering that the OMFIF is an independent think-tank for central banks and monetary policy makers, it is widely expected that XinFin will clinch a few deals with central banks, and other national economic policy bodies.
If positive news emerge out of tomorrow’s event in Singapore, XinFin (XDCE) could surge and test $0.005 within the week. The fundamentals are ripe for such a price move. Besides, Bitcoin (BTC) is on the rise too, and will support the rest of the market.
In the weekly charts, Litecoin (LTC) is in a range above the 100-day moving average. This could be a sign of bullish accumulation is taking place, given that the range is firmly above a major support level.
The main factor that is keeping Litecoin bullish is the purchase of a stake in WEG bank by the Litecoin foundation. It is widely expected that this will lead to a wider accessibility of Litecoin (LTC), hence pushing up its price. In the day, Litecoin has broken above the 21-day moving average, and opened the day higher than yesterday’s close of $79.15.
If bitcoin (BTC) holds above $6500, LTC could easily rise to $97, a level at which it is likely to get some resistance, as profit-taking sets in.