Ethereum Classic (ETC), the original Ethereum hard fork, has recently experienced a massive spike in its price, rallying more than 50% amid the broader market excitement over Bitcoin ETF approvals and speculation about upcoming Ethereum ETFs.
Ethereum Classic’s Resurgence: A Closer Look at the ETC Price Action
The ETC price currently stands at $30.61, with the moving averages presenting a bullish outlook. The 20-day EMA at $29.30, 50-day EMA at $27.44, and the 100-day EMA at $25.08, all align to signal a strong uptrend. This arrangement typically indicates sustained bullish sentiment, suggesting that the ETC price may continue its upward trajectory in the short term.
MACD and RSI: Bullish but Overbought
The MACD (Moving Average Convergence Divergence) is echoing the bullish sentiment, with today’s value at 1.28 compared to yesterday’s 0.71, indicating strengthening momentum.
The RSI (Relative Strength Index) presents a cautionary case, however. Standing at a high of 81.28, up from 79.03, the ETC price is deep into the overbought territory. This could suggest a potential retracement or consolidation phase ahead, as overbought conditions often lead to price pullbacks.
Support and Resistance Levels
The recent price action of ETC saw it successfully retesting the golden FIB levels at $27.40 and $26.96, now established as strong support zones. Currently, ETC is consolidating around the 0.786 FIB level, with an overhead resistance at $32.29. If this resistance is broken, the next targets are $40.92 and $54.88. Additional support levels are found at $28.20, $25.31, and $23.66, providing a safety net for the ETC price against potential downward corrections.
ETC Price Action Prediction
In light of the technical indicators, a cautiously optimistic stance seems prudent for ETC. While the current trajectory and moving averages indicate further upside, the overbought RSI levels warrant vigilance. Traders might consider setting stop-loss orders just below key support levels to manage risks effectively while capitalizing on the ETC price’s potential growth.
Given the current market dynamics, Ethereum Classic’s alignment with Ethereum’s EVM through the upcoming Spiral fork, and the rising interest in Ethereum ETFs, the ETC price is likely to maintain its bullish momentum.
In any case, traders should be prepared for volatility and potential pullbacks due to the overbought conditions. The key will be to watch how the ETC price interacts with the identified resistance and support levels to gauge the strength of the ongoing trend.
While an Ethereum ETF would likely boost ETC further, investors are already turning their sights to the other potential breakouts, including in the red hot meme coin space—Meme Kombat.
Is Meme Kombat the Next Big Meme Coin?
After Dogecoin and Shiba Inu led the way for meme coins in 2021, developers have been creating new crypto projects that focus on viral online popularity and engaging communities to drive adoption. One of the latest examples is Meme Kombat, which brings popular internet memes to life through a unique battle arena experience.
Me rolling up to the next family gathering after the ETF approval: pic.twitter.com/QwYytVmmFE
— Meme Kombat (@Meme_Kombat) January 11, 2024
At the core of Meme Kombat is its MK token, which allows users to wager on fight outcomes between AI-controlled meme characters. Winners can earn additional MK tokens as prizes, which can then be staked to generate yields as high as 155% annually according to the whitepaper. Meme Kombat plans to follow a seasonal format with new characters and battle types added regularly to maintain interest.
The presale for MK has already raised over $6.69 million, with the final stage now underway ahead of a planned Uniswap listing. Investors can still participate in the presale to purchase tokens at a lower price than the expected Uniswap price.
Battling For Meme Crypto Supremacy
Projects often see heightened volatility and interest around their DEX listings as liquidity improves. Meme Kombat backers hope to ride any potential price wave at launch after the presale have seen tokens gain 52% in value already.
With meme coins like Bonk and Pepe exploding last year to billion-dollar valuations, there’s still be room for new entrants to make their mark in 2024. If Meme Kombat can continue leveraging its viral meme concept and engaged community, it could become the next standout in the space behind Dogecoin and Shiba Inu.
