Ethereum Classic and Ravencoin Continue Market’s Rally With 11% Rise
- Ethereum Classic emerged as one of the best performers with an almost 19% rise.
- Ravencoin also noted a 13% rise today following the bullish cues.
- Bitcoin and Ethereum inclined as well, trading at $24k and $1.8k, respectively.
As Ethereum completed its final testnet merge ahead of The Merge scheduled for some time next month, the crypto market was expected to note a substantial rise, but as the day progressed, those expectations were squandered by corrections.
However, with both Bitcoin and Ethereum rising to trade at $24,312 and $1,894 today, altcoins mostly remained bullish as well.
Ethereum Classic Follows Ethereum’s Cues
The Ethereum hard fork cryptocurrency recorded an almost 19% growth in the last 24 hours as the broader market bullish cues from yesterday pushed the coin to trade at $43.4 today.
In doing so, the altcoin added to the ongoing recovery and is nearing the absolute invalidation of the 62.79% losses it noted from March to May.
However, signs of a potential trend reversal are visible on the charts, with price indicators highlighting rising volatility.
The divergence of the Bollinger Bands could lead to price swings, but as long as ETC keeps above the basis of the indicator, it won’t have to worry about a price fall.
But given the appearance of the red bars on the Awesome Oscillator, it cannot be said with certainty whether or not ETC can continue this rise for a long time. If these bars continue appearing over the next few days, ETC could lose $40 as support.
Ravencoin Soars As Well
The altcoin stuck to yesterday’s rise and continued building upon it further, rising by 12.89% in the span of 24 hours.
However, after having almost recovered from the nearly 50% crash of May, Ravencoin is set to note a downtrend, and the signs of the same are already visible on the charts.
The very obvious first sign is the presence of the white dots of Parabolic SAR above the candlesticks, although despite indicating a downtrend for the last three days, RVN hasn’t declined.
Thus, there might be some room before the price begins falling.
Secondly, the MACD officially executed a bearish crossover earlier in the day yesterday as the signal line (red) crossed over the indicator line (white).
This is the first bearish crossover in almost two months, and with the red bars appearing below the neutral line, RVN is set to note some decline over the next few days.