Ethereum Classic is the original chain of Ethereum that did not to reorg after the DAO incident. Like many altcoins, Ethereum Classic aka ETC is facing headwinds due to bitcoin's recent yet brutal collapse. ETC seems to be affected the worst as the charts show more downtrend for ETC in the future.
Boasting only $867 million in market cap ETC is just above Dash and 1 ETC, at press time, was worth $7.43. With the plateauing of price coming to an end, there seems to be vertical drop incoming. Most of which seems to be over.
Source: Trading View.
Although unlikely, the MACD's recession could push higher causing a small surge up to $7.881. There might be an even higher push to $8.7. The aforementioned is a scenario that could take place under special circumstances like an exponential surge in BTC.
With the price in between the 50 MA and 200 MA and the simultaneous absence of resistance seems to have set up a free fall for Cardano. Moreover, the drop in its price can only be withstood by the 200 MA. Hence a strong bearish pressure and a breach below this level would be disastrous.
The start of the free fall from $7.407 will take it to $6.155 and further selling pressure would allow support at $5.818.
Having a high degree of correlation to the king of alts aka Ethereum, ETC will dip harder if Ethereum does too. At present, the outlook for Ethereum does not look good. With over an 8% drop on the horizon, the drop in ETC can be expected with a higher degree of certainty.
The MACD indicator's recession could lead to a small surge above the centerline. However, as seen happen multiple times before, this climb above the centerline will be short-lived and hence fall below it, further supporting the bearish free-fall scenario.
As mentioned before, the unlikely scenario has a chance of playing out if things fall out of place for the altcoins due to BTC's surge.