Key Insights:
- Ethereum Classic shot up by more than 22% today.
- Quant is still trying to recover from its 17.85% drop this week.
- Bitcoin and Ethereum rose to trade at $21.6k and $1.5k, respectively.
After slipping below the $1 trillion mark a few days ago, the total value of all cryptocurrencies has been lingering above $900 billion.
Today after a bit of improvement, the market cap rose to $975 billion as Bitcoin and Ethereum also rallied to trade at $21,670 and $1,501, respectively.
Ethereum Classic – The Coin of the Day
The Ethereum hardfork was one of the best performing cryptocurrencies today, exploding by more than 22.18% in the last 24 hours.
Trading at $28.4, ETC has already managed to recover the losses of June thanks to its 105.06% rally.
Going forward, it will need to maintain this rally if it intends to recover the losses of May as well along with June. The Parabolic SAR is already exhibiting an active uptrend for the altcoin, which is a good sign for a rally.
As long as these white dots remain below the candlesticks, ETC will continue rallying.
Additionally, the MACD also evinces that the bullish crossover is persisting, and the appearance of the green bars further strengthens ETC’s bullishness.
These indicators are more than enough to know that ETC is ready to take on May and June’s crash of 55.32%
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The altcoin had a similar reaction to the rally, albeit far lesser intense. This is because this rise isn’t even close to undoing the 17.85% decline QNT witnessed over the last week.
However, if QNT intends to reclaim these losses, it will need to maintain the support of certain indicators.
It already has the support of the 50-day Simple Moving Average (SMA) (red) and the 100-day SMA (blue). If QNT can rise a little further, it will also be able to gain the support of the 200-day SMA (green).
In doing so, it will also flip the $100 mark into support from resistance.
However, the rising selling pressure must be avoided as it is sinking the Relative Strength Index (RSI) towards the bearish zone.
The altcoin already bounced off of the neutral line, and as long as this is maintained, QNT will be safe from price falls.