The price trend of ETC indicates that we may see bulls attempting to challenge bears at current levels.Isleen Classic may be a good candidate for a bullish rebound as it re tests the long-term support range
The price trend of ETC indicates that we may see bulls attempting to challenge bears at current levels.
- Isleen Classic may be a good candidate for a bullish rebound as it re tests the long-term support range.
- ETC strives to ensure strong bullish trading volume, although demand for derivatives may be making progress.
Is the Ethereum Classic [ETC] still worth trading or investing by the end of 2023? Okay, it's really difficult for the bulls of counterfeit coins to ensure their dominance during the winter of cryptocurrency. But should anyone expand their investment portfolio for both the short and long term with ETC?
The good news is, choosing Isleen Classic is not difficult. The ideal investment portfolio should be diversified, composed of cryptocurrencies from different market segments. For example, it can contain the password for a promising Proof of Equity (Pos) network, as well as a Proof of Work (Pow) network.
ETC is one of the few native currencies in the PoS network.
Of course, ETC has other advantages. It belongs to Ethereum, which is one of the most popular blockchain networks in the world. This alone may encourage many people to buy some ETCs in the next bull market.
However, these are still within the scope of speculation and may not fully represent the current situation.
Can ETC attract huge purchasing pressure?
Isleen Classic may benefit from strong demand in the future, but it is lacking at the time of publication. Since the beginning of 2023, cryptocurrencies have been on an overall downward trend, maintaining the same trend we saw in the previous year.
The price trend of ETC indicates that from the level at the time of publication, we may see bulls attempting to challenge bears. At the time of writing, the transaction price of cryptocurrency was $14.94. This is noteworthy as it is still within the same low range as long-term support.
A key point here is that the same level of support has been retested multiple times in the past. This means that prices are highly likely to rebound from the same level in the next round of short-term rebound. Its long-term potential is also the same.
But can Ethereum Classic rebound from the same level of support? At the time of writing, weighted sentiment showed an improvement in the lowest price level since early October. However, this also highlights the lack of strong interest.
The volume measurement of ETC also reflects the lack of excitement in cryptocurrencies. As of the time of the reporter's press release, the chain observation showed that trading volume had dropped to its lowest point in four weeks.
On the other hand, its Binance funds interest rate has returned to a positive side, indicating that the demand for Islane Classic is constantly growing in the derivatives market.
Although a positive financing ratio may indicate that demand is recovering, it is clear that spot demand is still quite low at the time of writing. Therefore, the short-term price trend is likely to continue to be bearish.
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