‘V’ Recovery? ETC Posts Big Gains In Sideways Market

22w
1m read
Summary

Investors believe the move will likely generate more public interest in the cryptocurrency, resulting in a pickup in trading volumes. Only a daily close (as per UTC) below $21.003 (Feb. 11 low) would signal bullish invalidation. The cryptocurrency has appreciated by 20 percent in the last 24 hours, as per data source CoinMarketCap. Stepping back, the move effectively means ETC has come full circle, returning back to a level last seen at January's end. As of writing, ETC is changing hands at $31.70 on Bitfinex, having clocked a two-week high of $32.90 earlier in the day's trading session.

Article Preview

The price of ETC, the native currency of the ethereum classic blockchain, is reporting double-digit gains Tuesday, a move that effectively recovers losses seen over the last two weeks.

As of writing, ETC is changing hands at $31.70 on Bitfinex, having clocked a two-week high of $32.90 earlier in the day's trading session. The cryptocurrency has appreciated by 20 percent in the last 24 hours, as per data source CoinMarketCap.

Stepping back, the move effectively means ETC has come full circle, returning back to a level last seen at January's end. The broad-based sell-off in the crypto markets that began on Jan. 30 saw ETC drop 57 percent to $14.00 (Feb. 6 low), and in this context, the rise to $32.90 marks the completion of a "V-shaped recovery."

So far, the asset's investor community...

Read the full article @ Coindesk