$8.41 for ETC, what are you waiting for?
Developers are working overtime to write code, the RSI has just formed a double bottom, and the community is chanting "fear is opportunity"—but what about the price? It fell from 8.61 to 8.41 in two days, a drop of 2.30%, with trading volume shrinking to only 37% of the average, like a forgotten veteran. Retail investors are completely outraged: shouldn't this old thing be buried?
First, look at the surface: motionless, playing dead.
In the past 24 hours, the ETC price fluctuated by 0.01%, basically unchanged. But don't be fooled by this illusion—the 30-minute candlestick chart tells you it just plummeted from 8.64, the MACD has formed a death cross, the moving averages are in a bearish alignment, the Bollinger Bands are extremely narrow, and volatility is almost gone. The technical analysis tells you: this thing could change direction at any moment.
First thing: the developers haven't run away; they're still fighting tooth and nail.
ETC's GitHub contributions haven't stopped; these tech fanatics are still upholding their belief that "code is law." After Ethereum transitioned to Proof-of-Stake (PoS), ETC is the only established public chain still upholding the Proof-of-Work (PoW) banner.
The second thing: The RSI formed a double bottom, but failed to break through 50.
What does this mean? A double bottom is a reversal signal, indicating that selling pressure is almost exhausted. However, the failure to break through 50 indicates that buying pressure also lacks the strength to push the price up. Both bulls and bears are holding their breath, waiting for the other to make the first move.
The third thing: 8.29 is the bottom line; if it breaks, the next target is 8.23.
This is not alarmist. The candlestick chart shows that the 8.29 level has been tested multiple times and has held each time. If it holds, the rebound could reach 8.48-8.51; if it fails to hold, the next stop is 8.23, which is the true "graveyard."
On one hand, developers are stubbornly holding on, the RSI has formed a double bottom, and the community is calling for bottom-fishing.
On the other hand, funds are flowing out, trading volume is shrinking, and the market is deserted.
The key level of 8.29 is the final bottom line for both bulls and bears.
If you are a short-term trader: Wait for support confirmation in the 8.29-8.23 area before entering, with a rebound target of 8.48-8.51. Cut your losses decisively if it falls below 8.20. Don't hold on, don't be greedy, run if it breaks down.
If you are a long-term trader: Test the waters with a small position now, add to your position in the 8.20-8.15 area. Add more if it rises back to 8.51 and holds. The belief in POW won't vanish overnight.
