Could these factors cause ETC to move up?
Although ETC is down 76% from its all-time high, it is up 15% from its recent June 22nd low. At the time of writing, ETC is trading at $ 41.32 which is a yield of 804% YTD.
Unlike most of the other alts, ETC was one of the few coins to see the biggest price hike in the second quarter, according to a recent report from CoinMetrics. The report looked at the performance of Bitcoin and Altcoins in the second quarter of 2021. Accordingly, analysts noted that even with a sharp market correction on May 19, some assets ended the quarter in the green.
ETC is the second best performer just behind DOGE, up 297 percent despite the fact that Bitcoin price has fallen nearly 39 percent.
After the last stable version called Thanos in 2020, ETC is preparing to launch the Magneto hard fork to improve its blockchain network later this month. Magneto is currently scheduled for July 21st and will also use ECIP-1103.
With many suggesting that ETC will be bullish by the end of the month, according to LunarCrush, the current sentiment appears bullish even given the price drop of 17% over the past 7 days. Most of ETC’s social indicators are sloping upwards, with a Galaxy Score of 64.5 on the chart.
On the flip side, it’s worth noting that on-chain metrics and the evolution of Ethereum Classic don’t paint a healthy picture for this altcoin. The percentage of ETC’s total whale-held stablecoin supply of more than $ 5 million is still below May-June levels after falling in late June. Although the indicator remains above its pre-May highs, it has remained unchanged for most of the month.
Development activity painted a worrying picture as it slumped to January 2021 lower levels. This indicates meager activity and limited network growth in the room despite numerous upgrades to the network.
ETC price (green), development activity (purple), share of stablecoins in the total supply of whales (pink) | Source: Sanbase
A closer look at the ETC price action reveals that it is currently testing the key support at $ 40.7. With the asset in the oversold territory, a rebound could push the price higher if triggered. If it bounces off this support, the uptrend could re-test the USD 47.6 resistance. However, a breakdown of the range below the $ 40 mark will invalidate the bullish view.
ETC / USD | Source: TradingView
At home at home
According to AMBCrypto