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Ethereum Classic (ETC) Price Surges Nearly 30% in Last 7 Days

Ethereum Classic (ETC), a decentralized, open source and Blockchain-based cryptocurrencymay soon lose its current momentum that has allowed it to become one of the top-performing crypto assets over the past week.

A fast Verification at some data points as the digital asset shows that it is currently trading in an overbought position, which could result in buyers being “exhausted” and unable to sustain another rally, giving the bears another technical advantage.

Additionally, the altcoin’s Bollinger Bands indicate that it is extremely volatile right now, making it vulnerable to significant price swings that could happen in just a blink of an eye. This makes Ethereum Classic a riskier asset to trade or hold.

Ethereum Classic (ETC) Price Surges Nearly 30% in Last 7 Days, Crypto Trading News

Ethereum Classic (ETC) Price Surges Nearly 30% in Last 7 Days, Crypto Trading News

Image: Coinpedia

Ethereum Classic: A quick look at Impressive Run

According to last tracking of coingeckoat the time of writing, ETC was changing hands at $19.82.

Although the crypto is down 2% over the past 24 hours, it is still enjoying a nearly 30% surge from its value seven days ago. Additionally, the digital token posted a 20.3% bounce on a bi-weekly basis.

Over the past few days, Ethereum Classic has been among the few cryptocurrencies to post double-digit gains over the previous week, led by Solanawhich increased by a staggering 35%.

The reason, some experts believe, is that the decisive turnaround in the ETC’s hash rate towards the end of 2022 paved the way for miners’ profitability, which in turn increased the number of transactions processed by the asset’s network.

In fact, during the last two days, Ethereum’s number of classic transactions surged, hitting a new monthly high. As a result, ETC saw its trading price increase by 12%, suggesting that the surge in volume was sparking an upward move for the altcoin’s value.

Ethereum Classic (ETC) Price Surges Nearly 30% in Last 7 Days, Crypto Trading News

ETC Total Market Cap at $2.7B on Weekend Chart | Chart: TradingView.com

Prepare for a possible price disadvantage

Although I’ve been “in the green” for more than a week now, Ethereum Classic is still being plagued by the negatively weighted sentiment that indicates bad beliefs that investors hold for the digital token.

Therefore, holders and potential buyers are advised to be cautious as a non-positive sentiment is usually followed by a drop in price.

However, Coincodex does not seem to agree with this thesis, since its forecasts for ETC remains bullish despite technical indicators saying otherwise.

In fact, the online crypto data provider predicts the digital coin will change hands at $19.76 in five days and see another massive surge within the next 30 days to trade at $47.48.

-Featured image: Invezz

Source: Crypto News Deutsch

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