Ethereum Classic (ETC) price prediction: Will It Defy The Odds And Surge? Or Should You Eye Shibie Coin?

Join Our Telegram channel to stay up to date on breaking news coverage

Ethereum Classic (ETC) celebrated its 8^th birthday today but remains on a downtrend.

Happy Birthday #Ethereum!

…and Happy Birthday to #EthereumClassic! https://t.co/aAWTJdrG0d

— Ethereum Classic (@eth_classic) August 2, 2023

Factors Affecting Ethereum Classic (ETC) Popularity

Ethereum Classic (ETC) appears to lag in popularity, despite its association with the second-largest cryptocurrency, Ethereum (ETH). This can be attributed to ETC’s lack of development and community support compared to its counterparts.

Additionally, the growing influence of new AI tokens in the cryptocurrency market has played a role in ETC’s lesser prominence. Other projects like Raven Coin and Ergo have demonstrated better performance regarding active addresses and daily transactions. This further overshadows ETC in the competitive landscape. These factors collectively contribute to Ethereum Classic’s relatively lower popularity and market standing.

#Ergo shows a higher number of daily transactions per address than other projects with a higher market capitalization, like #RavenCoin and #EthereumClassic.
This might indicate a more active and engaged community.#ERG #RVN #ETC $ERD $RVN $ETC pic.twitter.com/QLsqOVke3o

— Mahatma Crypto (@mahatma_crypto) August 1, 2023

Insufficient Liquidity Impacting Ethereum Classic Price

Ethereum Classic is currently down by 1.74% in 24 hours. The volume dropped by over 5.82% in the same period to $116 million. According to Liquid Trade, The liquid price for ETC/USDT is 47.5% higher than the best market price due to insufficient liquidity.

This low liquidity could be keeping Ethereum Classic’s prices relatively lower. The top liquidity markets for ETC are Binance (25.3%) and OKX (22.2%). Traders should consider the impact of limited liquidity on price movements.

Ethereum Classic Price Analysis

The analysis of the ETC/USD cryptocurrency pair, as depicted on the daily chart, indicates prevailing selling pressure. The pair is currently finding support from an ascending trendline offering initial reinforcement.

However, the overall assessment suggests that this support level will likely weaken, leading to a potential price decline toward the subsequent support level of $15.89. A breach and close below this critical level would further exacerbate the downward momentum, potentially pushing the prices toward $12.68.

Ethereum classic price — TradingView: ETC/USD 1-Day Chart

Additionally, the technical indicators are aligning with the bearish sentiment. The lower EMA (red line) has recently crossed the higher EMA (blue line) from above, a classic indication of a bearish trend. Furthermore, the histograms of the Awesome Oscillator (AO) are firmly positioned in the negative territory with a red color. This bolsters the case for a bearish outlook.

Moreover, the Relative Strength Index (RSI) is currently pointing downwards, signaling the likelihood of a potential downside movement. These combined indicators suggest that the odds favor the bears in the current market conditions.

Based on this evaluation, the outlook points to prevailing selling pressure, with a likelihood of further downward movement with little to no odds of defying the downfall.

While ETC shows no signs of reversal soon, there is another coin with great growth potential.

Promising Alternative to ETC

In a surprising twist to the crypto landscape, a new player has emerged – Shibie Coin, dubbed the Bombshell Bitch of the Crypto World! Originating from a unique crossbreed between a Shiba Inu and a Barbie doll, Shibie Coin brings fresh, flamboyant energy to the market.

💋✨ All eyes on our Diva Temptress $Shibie! Her presale is not just a transaction, it's a sizzling event! Don't miss your chance to be part of this glitz and glamour-filled crypto adventure! Get your Shibie coins now https://t.co/0vq6u6CXw2 #Presale #CryptoDiva #altcoin pic.twitter.com/Nelsns6lZ6

— Shibie Coin | Live (@ShibieCoin) August 2, 2023

Shibie Coin is not your ordinary cryptocurrency; it boasts a distinct mission and aims to conquer the crypto realm with unparalleled charm and ambition. As the crypto community eagerly awaits, Shibie Coin prances onto the scene, ready to leave her paw prints across the blockchain.

The tokenomics of Shibie Coin are intriguing, with 60% allocated for the Presale, 10% for CEX Listings, 5% for the Team, 5% for Marketing, and 20% dedicated to Liquidity. Potential investors should be prepared for an exhilarating ride and exercise caution while venturing into this exciting new coin.

The crypto space is excited as Shibie Coin aims to disrupt the status quo and take the market by storm. As the world watches her every move, Shibie Coin assures us, “I’ll Collie you later!”

The presence of a pink website and the reference to Barbie clearly indicate that the coin draws inspiration from the recent successful Barbie movie.

SHIBIE Presale

In its initial stage of Presale, SHIBIE has set a target of $999,999 to raise within six days. The project has successfully collected about $77,109 as of yet. The current price of SHIBIE is set as $0.000167. Interested investors can buy this coin using their ETH, BNB, and other crypto wallets.