Ethereum Classic (ETC) has once again demonstrated a lot of strength as the price has held strongly above the 50 day moving average. In fact, as the daily chart for ETC/USD shows, we have seen a rally to the upside the past 48 hours. This rally is likely to continue towards the top of the symmetrical triangle in the days ahead. Like most other cryptocurrencies, Ethereum Classic (ETC) has also neared overbought territory on the weekly time frame and the price will soon have to come crashing hard after a short term rally to the upside. The next decline in Ethereum Classic (ETC) could see its price fall below $3 which would make ETC/USD one of the best investments in the cryptocurrency markets from a risk/reward standpoint.
In the past, Ethereum Classic (ETC) used to be more of a forgotten blockchain that was supported by a small loyal community that strongly believed in principles of immutability and decentralization. However, recently we have seen a new wave of investors flock towards Ethereum Classic (ETC). Most of these investors believe that Ethereum Classic (ETC) has a lot of room to grow after the recent regime change and could outperform Ethereum (ETH) during the next bullish cycle. This is very reasonable to believe considering ETCLabs is trying hard to get more Dapps built on the ETC blockchain. Most of these Dapps revolve around IOT (Internet of Things) which the Ethereum Classic blockchain has long been hailed to be the perfect platform for. Its qualities of immutability and decentralization make Ethereum Classic (ETC) one of the most ideal blockchains for Internet of Things applications.
Chart for ETC/BTC (1D)
While Ethereum Classic (ETC) did receive a lot of new interest in the past due to its IOT promise,