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Ethereum Classic, Synthetix, Price Analysis: 24 December

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Bitcoin’s $23,000 price breach lifted the broader altcoin market over the past week. This is evident by the fact that altcoins have risen in tandem with the king coin. However, minor corrections in Bitcoin’s price have also seen altcoins move into red territory. Altcoins like ETC as CRO have been more prone to these corrections, falling drastically over the past week. On the other hand, SNX has managed to maintain positive weekly returns, thanks to a surge in price over the past couple of days.

Ethereum Classic [ETC]

Source: ETC/USD, TradingView

ETC has been in a downtrend since late November, highlighted by its lower highs and lower lows. Losses in the last 30 days have surmounted to 27.4%. During the month, resistance at $6.92 has been tested only twice, with prices drastically falling after reaching this level.

During the past three days, prices are down by 32.2% and are currently trading between $5.05 and $5.73. However, short-term outlook is optimistic for ETC, as prices could be seen rising in the past few sessions and could continue their upward momentum. The ceiling at $5.73 could be in focus if prices were to rise.

Relative Strength Index was moving upward from the oversold territory toward the neutral zone, suggesting a bullish turn for the crypto asset.

MACD also implied that a bullish crossover could be on the horizon, as the fast-moving line was moving upward, toward the signal line.

Synthetix [SNX]

Source: SNX/USD, Trading View

In the last 30 days, SNX has seen positive returns of $28.52%. In the past couple of days, prices rose above resistance at $6.53 and have been trading above this level since. However, the rise could be short-lived as prices were seen moving lower in the past few sessions. In the short term, prices could continue to fall, where $6.53 support could once again be in the limelight. A move below this level could see prices test the next support at $5.74.

Awesome Oscillator indicated a bearish momentum but the strength was currently decreasing in the charts.

Parabolic SAR showed that the cryptocurrency was at the start of a downtrend. [CRO]

Source: CRO/USD, Trading View

Like ETC, CRO has fallen drastically over the past 3 days, down by 23.7%. Currently, prices have picked up after testing support at $0.053 and were headed towards resistance at $0.056. Prices could continue their rise beyond the current resistance and test resistance at $0.061 over the next few trading sessions.

On Balance Volume indicator suggested a rising interest in the crypto asset, which was consistent with an uptick in price.

Chaikin Money Flow was rising and indicated bullishness as the asset registered higher inflows at press time.


A business graduate with a keen interest in emerging markets across South East Asia. As a financial journalist, he covered stocks and market reports across Australia and New Zealand as well.
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