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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.
- Nov 01, 2023 07:19 UTC
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ETC Price Analysis: Buyers Rest Before A Breakout Run To $20!
ETC price action displays a strong bullish trend ready to give a range breakout.
With the short-term trendline breakout, the ETC price prepares for a bounce back to $20.
Following the breakout, the uptrend will increase the chances of a golden crossover event.
Taking a bullish break to refuel a positive cycle in the medium term sideways trend, the ETC price reaches the $17.30 mark. However, the upcycle faces opposition from the 200-day EMA and struggles to give a bullish breakout.
Nevertheless, the uptrend boosts the sentiments around Ethereum classic and hints at a long-term bullish trend. Further, the ETC price prediction predicts a bullish end for 2023.
Taking a bullish reversal from the crucial support level of $14.75, the ETC price makes a solid comeback. The reversal rally crosses the short-term resistance trendline and reclaims the 50-day EMA and the $15 mark.
With increasing trend momentum, the Ethereum classic price completes an upcycle to reach the 200-day EMA close to the $17.21 mark. Currently, the ETC price is trading at $17.32 with an intraday fall of 0.86%, with higher price rejection reflecting a potential pullback.
However, the improving sentiments around the Ethereum Classic display a bullish phase incoming, leading to a potential breakout. In such a case, the prolonged uptrend will unleash the trapped momentum to rise higher.
Technical indicators:
MACD: The MACD and signal lines continue the positive trajectory with bullish growth in histograms. This reflects a positive rise in trend momentum and increases breakout chances.
EMA: The declining gap between the 50-day and 200-day EMA projects a high likelihood of a golden crossover event.
Will ETC Price Reach $20?
As the overall trend momentum grows, the ETC price teases a breakout rally to reclaim higher levels. Moreover, the breakout rally is expected to reach the next resistance level of $20, accounting for a price jump of 20%.
On the other hand, if Ethereum Classic fails to sustain the momentum, it may fall below $17 to test $15.
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