ETC Price Analysis: Will Breakout Boost ETC Price To $19?
Sohrab Khawas28 Sept 20231 min read
In the long picture, the ETC price took multiple bearish hits over the past year, resulting in a strong resistance trendline. With each falling trend creating a secondary correction, the breakout brings a buying opportunity.
Finally, after months of downtrend, the Ethereum Classice Price Prediction is giving a breakout signal that may soon result in a significant bounce back.
Taking constant support from the $14.75 horizontal level, the ETC price manages to overcome the short-term correction phase. With multiple candles with notable wicks, the Ethereum Classic now finds the bullish momentum to reach the escape velocity.
The trendline breakout comes with an overnight jump in Bitcoin that signals the Ethereum Classic rising with market recovery. If the uptrend in Bitcoin survives, the recovery in altcoin price is set to challenge the major resistance trendline to reset the overall trend.
Currently, the ETC price is trading at $15.45 with an intraday growth of 0.72%. Moreover, the higher price rejection in the previous candle reflects a potential retest phase coming soon.
Technical indicators:
MACD: The MACD and signal lines avoid a bearish crossover and prepare to continue the upward trajectory.
RSI: The daily RSI line takes a rounding reversal to approach the halfway line and hints at a potential uptrend.
Will ETC Price Cross $16?
With the rising trend momentum, the ETC price is set to start a breakout rally to surpass the 50-day EMA. During this, the uptrend will cross the $16 mark and head to the major resistance trendline close to $19. Moreover, the uptrend can influence a golden crossover.
On the other hand, if Ethereum Classic doesn’t hold up and falls below $14.75, it can dip to $12.65.
