In the weekly timeframe, we see that the weekly candle from 23 May was able to test the mark of $25. This mark was the reason for the failure of the ETC price to $16. On the one hand, buyers could not take control of this mark and talk early about their strength. However, on the other hand, few cryptocurrencies have been able to organize such a growth wave and so decently keep the price during the fall of the BTC. Therefore, if you keep the $19 mark, you should think about buying an ETC with a first target of $25 and a final one of $35. Quite modest targets that do not predict a change in the downward trend from November 2021.
If on the weekly timeframe of the ETC price movement the price rebound did not even begin, then the daily timeframe indicates the first successes of buyers. The newly created local trend of buyers from 23 to 25 May stormed the $25 range. The growth took place in increased volumes, which is a rarity in the current realities of cryptocurrencies.
Basic buyers support is in the range of $19-$19.6. This range withstood the blows of sellers twice - 11-12 May and 19 May. Thus, if you try to buy ETC with low risks - you should place limit orders in the range of $19-$19.6. In this case, you can quickly fix the first profit at around $25. Loss of control over the $19-$19.6 range will mean that the ETC price will continue to fall in the falling channel and that the local low will be likely to be updated with a target of $14.8.
The weekly ETCBTC price chart shows us an interesting picture. On the one hand, the ETCBTC price has reached a global level of 0.0007. Buyers retained this mark for the second time and began trying a new growth wave. However, the weekly candle denies the possibility of starting the formation of a local growth trend. During the trading week on 9 May, sellers managed to update the previous local low.
Therefore, at the moment, the best we can hope for is the beginning of consolidation in the range of 0.0007-0.001. It is with such consolidation that buyers can reverse the global trend of sellers. But, in the event of a weak ETCBTC price, we expect to continue to fall to the next liquidity level of 0.0005.