Ethereum Classic (ETC) posts massive green daily candle, here's why ETC $ETC Crypto2023 Cryptocurrency EthereumClassic
, the native asset of the Ethereum Classic chain, suddenly printed a massive green daily candlestick as its price rebounded from yesterday's lows of $15.64. The kick initiated pushed ETC's price to intraday highs of $18.18 seen at press time, where a seemingly significant barrier was met.
At the time of publication, ETC was trading up 12.09% in the last 24 hours at $18. The Ethereum spinoff is also up 17.42% in the past week.According to blockchain analytics firm Santiment, Ethereum Classic is enjoying a pretty nice rally of its own. It further added,"Not only is volume high, but it's also being shorted massively by traders on exchanges."Therefore, the reason for the recent sharp spike might be partly due to a short squeeze.
Technically, for Ethereum Classic to continue its upward trend, the short-term barrier above $18 needed to be broken, with the target of $24 in sight.
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