Ethereum Classic, Filecoin Price Analysis: June 30, 2021

Republished By Plato

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Ethereum Classic rallies 30% despite mundane trading action in the crypto market.
Filecoin price uptrend rejected at the 50 SMA as bulls battle to secure support at $60.

Ethereum Classic and Filecoin seem to lead the recovery in the cryptocurrency market mid-this week. ETH is up by 30%, while FIL has been bolstered 10% higher in the last 24 hours.

Bitcoin bounced off the support at $34,000 on Tuesday but failed to clear resistance at $36,000. At the time of writing, the flagship cryptocurrency trades around $35,000 amid market stability. Most crypt assets are correcting from their weekly highs after losing momentum.

Ethereum Classic-

Ethereum Classic trades around $57 after breaking above a month-long trend line. Before the liftoff, ETC has tested support at $34.5 as bulls succumbed to the recent selling pressure in the market.

Several other resistance areas have been overcome, including the 100 Simple Moving Average (SMA) and the 200 SMA. A weekly high has been accomplished at $62 before overhead pressure started to rise.

Meanwhile, support at the 200 SMA and $54 is needed to prevent a trend correction that may wipe some of the accrued gains. Trading above $62 may catapult Ethereum Classic toward $100, thereby triggering another bull run.

ETC/USD four-hour chart

Filecoin:-

Filecoin has extended the bullish leg from the recently established support at $41 to trade a weekly high of $66. However, the 50 Simple Moving Average (SMA) resistance on the 12-hour chart stood in the way of the gains.

At the time of writing, FIL has retreated to $60 and may continue to drop in the near term. The Relative Strength Index (RSI) cements the rising bearish pressure in the market by sliding under the midline.

FIL/USD 12-hour chart

Support is expected at $55, but if it fails to hold, Filecoin may extend the bearish leg toward $40. Note that the Moving Average Convergence Divergence (MACD) indicator still has a bullish outlook, implying that the uptrend is not lost and may resume eventually.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige