Bitcoin surged to $13,950 at the time of writing. There was no overhead resistance for Bitcoin past $14k, till ATH near $20k. While this euphoric development, there is a possibility that BTC experiences a correction in the coming days.
Ethereum Classic was trending lower in the short-term but still exhibited good interest from buyers. Maker showed a bullish divergence and could experience a bounce in the coming hours, while Crypto.com Coin continued to slide lower.
Ethereum Classic [ETC]
ETC was moving within a descending channel (yellow), a pattern that generally sees a break to the upside. This notion was reinforced by the OBV, which continued to set higher lows.
If ETC closes a trading session above the channel, it could be profitable to open a long position targeting the level of $5.6.
In other news, Ethereum Classic Labs announced a DAI-ETC bridge with ChainSafe.
MKR formed a lower low while the momentum indicator (RSI) formed a higher low. This divergence between price and momentum can see the price experience a move toward $550.
The price had formed a series of higher lows, till the most recent drop took MKR lower. Bulls have struggled to take MKR past $600 in the past few weeks and that could continue in the coming days.
It was yet unclear if MKR would resume its prior uptrend or if the market sentiment would weigh down on the asset and drag it downward. The next level of support lies at $500.
Crypto.com Coin [CRO]
Even as the momentum indicator (MACD) recovered toward the zero line, the price continued to post losses. This bullish divergence between price and momentum saw hardly any gains posted by CRO as the coin continued its tumble.
It has fallen past several levels of support in the past few weeks and showed no signs of stalling the downtrend.
A retest of $0.0875 as resistance can occur before CRO’s next move south.