Ethereum Classic Price Analysis: Atlantis A Game-Changer But ETC Prices May Plunge to $3.5
Today’s Ethereum Classic (ETC) News
Plainly, blockchain is all about decentralization. That is, funneling control back to the masses. However, with different projects aiming to solve a particular use case and viewing blockchain as the ultimate solution, there is fragmentation. This fragmentation causes disarray. Although it may be a strategy to prevent migration from one platform to another, there exist solutions fronting interoperability.
With the same roots, Ethereum, led by Vitalik Buterin, and Ethereum Classic whose leaders include Charles Hoskinson, there is an element of synchrony between the two. Fundamental frictions forced a split in 2016 but now, Ethereum Classic incubator is partnering with Metronome to create solutions that will lighten up the expected ETC and ETH interoperability.
Presently, collaboration is the in-thing. By creating one vast and unified network where developers or enterprises can cherry pick strengths across different DLT platforms, blockchain as a technology will be attractive. It is through interoperability that more capital will flow to this exceptional tech, building an attractive environment for App development.
Because of this development, Metronome, a blockchain project which “builds off the lessons learned from previous cryptocurrencies and optimizes for self-governance, long-term reliability, and maximum portability”, cryptocurrency, MET, would be transferable between Ethereum and Ethereum Classic blockchains.
Meanwhile, the activation of Atlantis has been postponed to September at block height 8,772,000. It was set for June but because of disagreement between developers, this necessary upgrade will not take place in September where 10 Ethereum Classic Improvement Proposals (EIPs) will go live. Then, supplemented with the latest hard fork, Agharta, Atlantis will make Ethereum classic more compatible with Ethereum and that porting of dApps between these chains are smooth.
ETC/USD Price Analysis
1 ETC/USD =$88.2724 change ~ -2.21%
At the time of writing, ETC is down 6.8 percent from last week’s close. Atlantis and their drive for interoperability is commendable progress. However, note that bears are technically in charge despite the resuscitation of the last few weeks.
Trading within a bear breakout pattern following degradation of Q3-4 2018, the rebound from Dec 2018 flows has been impressive. Nonetheless, there are strong caps at $10 coupled with low trading volumes and the over-extension forcing a correction after the close of the week ending June 9.
Noteworthy is that accompanying this week’s losses is a remarkable spike in trading volumes at previous support now resistance at $10. From the chart it is evident that this week’s bear candlestick is a mark of rejection, wiping gains of late May and could set a ground for further losses now that we have a three-bar bear reversal candlestick. Moving on, the best approach for traders is to exit their long positions.
Meanwhile, conservative traders should take a neutral stance until bulls flow back complete with high trading volumes blasting above $10, nullifying the bear breakout pattern of Q3-4 2018 and signaling a shift in ETC trend. Only then will conservative traders enter upon printout as they aim at $25. If not and ETC close lower today, prices could slide to $4.5 or even $3.5 as bears flow back.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.