ETC, the native currency of the ethereum classic blockchain, looks set to re-test record highs, having now formed a base above $30.
As of writing, ETC is changing hands at $37.90, as per data source OnChainFX. Yet, the crypto asset has appreciated 16 percent in the last 24 hours, and is up 95 percent from its Feb. 6 low. Further, ETC was restricted to a narrow range of $30-$35 in the last few days and the sharp rise seen Monday marks an upside break of the consolidation.
As for the cause, one theory is that traders are exiting bitcoin for the alternative crypto asset.
OKEx, which offers ETC/BTC pair, is the leading exchange by trading volume, meaning it's possible investors are taking this strategy - the sharp rise in ETC/BTC (up 10.52 percent) is mainly responsible for the uptick in ETC's US dollar exchange rate.
That said, ETC is still down at least 20 percent from the record high of $47.77 hit on Dec. 21.
However, technical charts indicate the gap between the current market price and record highs could continue to narrow in the days ahead.
The above chart (prices as per Bitfinex) shows:
The RSI on the 4-hour chart is above 50.00 (bullish territory) and well short of the overbought territory, suggesting room for a further rally in ETC.
Climbing via Shutterstock
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