Ethereum Classic is finally on Coinbase, but the price of its native token ETC has dropped in the hours after the listing.
Today’s decline is in sharp contrast to the coin’s performance on Wednesday and Thursday. The coin jumped by over 15 percent ahead of Coinbase’s listing at 17:00 Pacific Time.
According to XBT.net, ETC reached a high of $14.91 against the U.S dollar before the highly anticipated event. The coin appeared headed for recent highs above $20 reached earlier in the month.
ETC/USD rose to a high of $20.11 on August 7 after it was listed on Coinbase Pro. However, like many other times in the past, the coin dropped soon after the listing.
On August 14, ETC traded at about $10.64 against the US dollar. That drop saw it lose nearly 50 percent of its value within a week. The decline was however largely due to the general bleeding experienced in the entire market.
Ethereum then went on a run in the two days before the Coinbase announcement, reaching $14.91 just an hour before the U.S crypto exchange wrote on Twitter that investors could buy, sell or trade the coin on its platform.
The upsurge in prices saw ETC trade as the biggest gainer among top coins. That run saw it climb into the top ten coins by market capitalization.
At the time of writing, ETC is trading at $13.66 against the US dollar. It has declined by 1.90 percent in the last 24 hours and nearly 7 percent since early Asian trading hours.
ETC is also struggling against BTC, declining by 3.00 percent in the last twenty-four hours.
ETC still bullish
Despite the slight decline, ETC still retains a bullish outlook on both its hourly and daily charts. The expected upsurge is due to the general recovery of the market.
At the time of writing, only ETC is trading in the red among the top coins in the last twenty-four hours.
The drop was largely expected as investors who had bought at the last dip liquidated their assets to lock in profits, driving prices lower.
The expectation is that prices will steadily stabilize over coming days. ETC could experience another spike to hit past the $20 price against the US dollar.
The ETC team is bullish on the coin’s prospects tweeting a few hours ago that:
“People are returning back to Ethereum Classic and [we’re seeing] a revitalization of many long-time ETC community members”
It has also said that the Ethereum Classic community felt vindicated after the US-based crypto exchange added the coin to the site.
ETC’s short-term outlook is bullish and the coin is likely to test support set at the 50 MA. If it corrects and breaks above minor resistance at $16, it could reach August 7 highs.
On the downside, a decline below $12 will open further declines towards prices near $10.
Ethereum Classic has a market cap of $1.45 billion and a daily trading volume of $480 million.