Ethereum Classic (ETC), a decentralized cryptocurrency, operates on a decentralized blockchain network and its tokennomics are designed to motivate users to join and secure the network. . ETC is mined through a proof-of-work consensus mechanism, where miners compete to solve mathematical problems and earn the right to add new blocks to the blockchain.
ETC tokens are generated using mining verification methods. It is also used to pay transaction fees on the network and participate in decentralized applications built on the Ethereum Classic blockchain. In addition, a user can also lock tokens to participate in the network consensus and earn her ETC through rewardable staking. ETC also has a token burn mechanism where a portion of transaction fees is used to buy and burn his ETC tokens, potentially increasing the value of the remaining tokens.
Ethereum Classic ranks 24th with a market cap of $2,933,107,295 and is profitable after a bullish rally in the first three weeks of January 2023.
Consolidation has become a bullish trend’s worst enemy as prices have lost the ability to reach new highs. Ethereum Classic’s technical indicators show a decline in buying that can be seen in the MACD’s arched curve.read Ethereum Classic Price Prediction To see if this drop breaks the support!
ETC has strong resistance at the $27 level, which could cause trouble for would-be buyers, but sellers are one step ahead of reaching this level and securing profits. The 200 EMA curve has become a sharp denial zone, but the 100 EMA is still welcoming buyers, which is his second unsuccessful attempt to cross the 200 EMA zone.
From a technical point of view, the Ethereum Classic MACD indicator has hit a selling curve and crossovers are bearish. At the same time, the ETC token, which was trading in the bullish territory of the overbought zone, has now reached the 50s, indicating a notable drop in buying sentiment.
Ethereum Classic’s breakdown from the 100 EMA curve could push the token towards the next round of bearish traps, but major cryptocurrencies consolidate above the price range. ETC’s strong support is available at $14.5 and $19 could be another positive support in that price range if it falls significantly from the currently traded $21 level.
