Biggest Movers: ETC Trading Below $40.00 Ahead of Thursday’s Merge Event

Ethereum classic rebounded on Wednesday, following three consecutive days of declines. The token dropped below $40.00 earlier this week, and continues to trade below this level ahead of tomorrow’s merge event. On the other hand, Solana remained lower, with prices falling by over 8% today.

Ethereum Classic (ETC)

Ethereum classic (ETC) rebounded on Wednesday, following three straight days of lower lows.

Less than 24 hours before the start of The Merge, the token was marginally higher, bouncing from a key support point in the process.

In the aftermath of the three-day losing streak, ETC/USD fell to a floor of $35.10 on Tuesday. However, bulls resisted a breakout, instead pushing prices to a peak of $37.57.

Looking at the chart, today’s rebound also coincided with the 14-day relative strength index (RSI) bouncing from a support point of its own.

The RSI climbed from its floor of 48.10, and as of writing, is now tracking at 52.61, which is below a ceiling of 56.30.

Should bulls look to reenter the $40.00 region, the RSI will need to move beyond the upcoming resistance level.

Solana (SOL)

A day after trading at a three-week high, solana (SOL) also remained below $40.00 during today’s session.

Following a high of $39.00 on Tuesday, SOL/USD hit an intraday low of $32.87 on Wednesday.

This drop sees a seven-day winning streak snapped, with prices now trading close to a one-week low.

Wednesday’s drop sees SOL move close to its long-term support point of $32.70, which has historically been a bullish zone.

History has so far repeated itself, with bulls reentering the market, moving solana away from earlier lows.

If these bulls are to remain in the market, their next price target will likely be a ceiling of $36.20.

Register your email here to get weekly price analysis updates sent to your inbox:

Can solana rebound from today’s decline, and recapture $36.20 this week? Let us know your thoughts in the comments.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn
On Key

Related Posts

US Court Authorizes IRS to Issue Summons for Crypto Investors’ Records

The Internal Revenue Service (IRS) has obtained a “court order authorizing summons for records relating to U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions.” The IRS commissioner commented: “The government’s ability to obtain third-party information on those failing to report their gains from digital assets remains a critical tool in catching

Jihan Wu-Backed Crypto Miner Bitdeer Acquires ‘Singapore’s Fort Knox’ for $28.4 Million

Sources have disclosed that the digital currency mining operation, Bitdeer Technologies, has purchased a high-security storage and display facility in Singapore called Le Freeport for $28.4 million. Bitdeer’s chairman, Jihan Wu, confirmed the vault acquisition via a text message following the reports that revealed the mining firm purchased Le Freeport. Bitdeer Purchases Maximum Security Vault