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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Sep 20, 2023 06:15 UTC
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ETC Price Analysis: Is $19 the Next Target For ETC Price?
ETC price action bounces back from $14.75 to break the short-term resistance trendline.
With the short-term trendline breakout, ETC may soon challenge the $19 mark.
Closing below $14.75 will plunge the ETC price to $12.44.
ETC price has been on a bit of a losing streak lately, dropping about a quarter of its value in the past few months. This is just part of a larger trend, as the daily Ethereum classic price shows a steady decline.
This long-term decline in ETC Price has created a powerful barrier, which has only grown stronger during the recent pullback, forming a second line of defense.
Looking at the ETC price action, Ethereum Classic has shown serious buying power at the $14.75 level. This results in a bullish breakout of the secondary resistance trendline, teasing a new upcycle to the overhead trendline.
The ETC price might soon bounce back with the double-bottom reversal rally crossing the trendline. Moreover, it could break through the 50-day EMA to prolong the uptrend.
Ethereum Classic is currently hovering around $15.63, with a slight dip of 0.70% today. Bitcoin’s sudden surge has boosted ETC price, and it could start to go up again.
The RSI indicator shows a bullish divergence, which indicates that the stock is likely to go up. This is supported by the double-bottom formation, which is another sign of a bullish trend. The MACD indicator also shows a bullish trend, which further confirms the bullish trend.
What’s Next for the ETC Price?
With the ETC price breaking past this short-term resistance trend line, a bullish surge is on the cards. It might soon challenge the primary resistance trend line near the $19 mark, a 22% jump.
On the other hand, if Ethereum Classic doesn’t hold up and falls below $14.75, we could see ETC price dip to $12.65.
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