Over the past few weeks, the crypto markets have been dangling in tight ranges, leaving investors and traders wondering what can catalyze the situation. All the same, some coins have recorded commendable growth amidst the price fall that has been noted across the board. In that regard, Ethereum Classic (ETC) is one of the top five best performing altcoins.
In the past few weeks, ETC recorded positive developments. According to Donald McIntyre, former Vice President of Morgan Stanley, Ethereum Classic “has an incredibly unique market positioning in an extremely valuable niche” in the crypto space.
McIntyre confirmed this by a tweet:
For nearly a month and a half, ETC has been edging closer to a strong support of $9.5 against the USD. Since the end of May 2017, ETC has not been able to come closer, making the recent move a very critical support level. Analysts believe that if prices plummet below $9.5, then the next support level might be much lower, probably at $5.2.
Even so, the current ETC price is still below the moving averages. Besides, the 20-week EMA is going down, which shows that the bears still control the market. Alternatively, a breakout above $11.883 will signify strength that could move ETC to $14.5. A breakout above $11.883 could propel the asset to $19.
How did ETC arrive here?
Ethereum Classic embraces some of the largest network activity, even higher than that of Bitcoin Cash (BTC) and close to that of Litecoin. The network also has several developer teams, with in-depth experience, and committed to realizing the vision of ETC. The network is currently in the top ten when it comes to programmer activity measured by code units. Their multiple sources of funding enable them to grow day-by-day, commit-by-commit, and line-by-line of code to generate a bulletproof platform for their users.
The following principles govern the ETC platform.
Ethereum Classic (ETC) is the longest running smart contract blockchain. People love blockchains that can last because they store value. ETC network provides highly efficient value transfers, even better than Bitcoin and its variants. The network focuses on IT applications and operates a mathematically verified Ethereum Virtual Machine (EVM). All these translate into a highly efficient that connects global devices.
Ethereum Classic has a strong and principled community. Many of their members have been there since the beginning. They maintain principles that help keep the blockchains functioning. A stronger community contributes to the success of a blockchain-based platform. As for ETC, the community is responsible for the development and discussion, which it distributes between many parties. In the end, the platform is able to control the biased form of “governance” witnessed in other blockchains.
The Ethereum Classic platform embraces immutability and takes a conservative approach to changes therein. Through that conservatism, users’ money is secure because there are no splits. No other third party can modify ETC accounts. The platform shares the feature of stability with other cryptocurrencies such as Bitcoin, Litecoin, and others.
Disclaimer: This article is not a trading or investment guide. It’s mainly for informational, educational, and entertainment purposes. Cryptocurrencies are highly volatile and you need to do a proper research before you invest.