{"id":55244,"date":"2023-08-31T07:54:57","date_gmt":"2023-08-31T11:54:57","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/is-ethereum-classic-going-to-zero-etc-price-drops-7-as-this-new-crypto-project-raises-800000\/"},"modified":"2023-08-31T07:55:01","modified_gmt":"2023-08-31T11:55:01","slug":"is-ethereum-classic-going-to-zero-etc-price-drops-7-as-this-new-crypto-project-raises-800000","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55244","title":{"rendered":"Is Ethereum Classic Going to Zero? ETC Price Drops 7% as This New Crypto Project Raises $800,000"},"content":{"rendered":"
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Ethereum Classic (ETC) has tumbled -7% in a dramatic rejection from severe resistance around the 20DMA, but as network activity slows – is Ethereum Classic going to zero?<\/p>\n

The sudden fall comes amid a hard-fought resurgence for Ethereum Classic, which has been caught in a tumultuous downside slide since July 1.<\/p>\n

Indeed, the Ethereum Classic network has seen a significant decline in activity since the last bull market in 2021 – with the number of active addresses falling to bear market levels.<\/p>\n

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And this comes as revelations emerge on Crypto Twitter suggesting that the Ethereum Classic network generated just $26 in fees over the past 24-hours – painting a bleak image of ecosystem growth.<\/p>\n

ETC Price Analysis: Is Ethereum Classic Going to Zero?<\/strong><\/h2>\n

Ethereum Classic remains reeling from the sudden decline, although steadfast support above $16 has caught the tumble with price currently trading at $16.00 (representing a 24-hour change of -0.06%).<\/p>\n

The -7% drop comes after price shot-up +10.3% on August 30, in a major re-test of resistance from the 20DMA – which has suppressed upside price action for 48 days.<\/p>\n

Despite the tumultuous rejection, support appears to be strong at $16 – this follows more than a week of consolidation at this key price level.<\/p>\n

The 200DMA is still sat high above price action around $18.90, however, this is directly above a support level at $18.35 – forming an upside target for ETC.<\/p>\n

Ethereum Classic’s indicators provide some relief, with the RSI remaining cool at 43.49 – suggesting ETC is oversold at these levels.<\/p>\n

While the MACD also showcases continued bullish divergence at 0.11 – further signalling that upside pressure remains.<\/p>\n

With indicators leaning bullish, it seems Ethereum Classic will continue to consolidate and test the 20DMA.<\/p>\n

To the upside, if Ethereum Classic bulls successfully crack resistance, then ETC has an upside target at $18.35 (a potential +14.33%), poised and ready to face resistance at the 200DMA.<\/p>\n

While to the downside, rejection from this key level would likely see ETC fall back to $15 (a possible -6.54%).<\/p>\n

Overall, this leaves Ethereum Classic with a risk: reward ratio of 2.19 – a good entry dependent on the 20DMA.<\/p>\n

However, while ETC traders are stuck watching the 20DMA, smart money have been flooding into an emerging breakout meme coin presale which has already amassed $800k.<\/p>\n

Sonik Coin Skyrockets as Meme Coin Presale Unlocks Viral Success with Almost $1M Raised<\/strong><\/h2>\n

Sonik Coin ($SONIK)<\/strong>, which is not only making waves in crypto markets, but also racing – with the audacious goal of exploding when the presale ends in just 5 days.<\/p>\n

And given the current trajectory, this aspiration may soon be a reality – as this rockstar presale has surged to a jaw-dropping +$848,000 raised in less than a week.<\/p>\n

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But what has got markets so excited about the unlikely Sonik coin? The answer is in the APY – let’s dig down into this further.<\/p>\n

Sonik Presale ‘Gotta Go Fast’ as Investors Flood-in to Claim 91% Staking APY<\/strong><\/h2>\n

\u00a0An intriguing 50% of the mammoth 300 billion $SONIK supply has been allocated for early investors, making it a limited-time golden opportunity.\u00a0<\/p>\n

With each token priced at a meager $0.000014, enthusiasts have the perfect entry point, especially before its much-anticipated debut on Uniswap post-presale.\u00a0<\/p>\n

This decentralized exchange is a powerhouse, and $SONIK’s presence there will undoubtedly amplify its visibility manifold.<\/p>\n

But Sonik Coin is more than just another meme coin, the staking APY<\/strong> of an astounding 91%<\/strong> speaks volumes about its potential returns.\u00a0<\/p>\n

Staking not only adds an avenue for passive income, but its inclusion also showcases the team’s commitment to longevity and stability.\u00a0<\/p>\n

The idea? By staking, holders are encouraged to hold onto their tokens for more extended periods, thus mitigating volatile price swings and cementing a firm foundation for steady growth.<\/p>\n

Sonik Coin Follows in Early Footsteps of PEPE in Pursuit of Viral Success<\/strong><\/h2>\n

Now, let\u2019s talk about $PEPE, Pepecoin’s astronomic growth\u2014delivering jaw-dropping returns of over 10,000% to early backers\u2014 has set a precedent.\u00a0<\/p>\n

Given $SONIK\u2019s innovative staking model and the infectious enthusiasm around its branding (a nod to the ever-popular Sonic the Hedgehog), it’s poised for a similar, if not more impressive, trajectory.<\/p>\n

The transparent, community-centric vision of the Sonik Coin’s founders, paired with its tantalizing staking rewards and the buzz it has already generated, sets it apart in a sea of meme coins.\u00a0<\/p>\n

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Check out the Sonik Telegram<\/strong> and Twitter <\/strong><\/a>here.<\/p>\n

If history and market patterns tell us anything, the early bird catches the worm. Or in this case, rides the supersonic wave.<\/p>\n

Buy Sonik Here<\/strong><\/p>\n

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.<\/sup><\/i><\/p>\n<\/p><\/div>\n