- Ethereum Classic price is trading with strong uptrend momentum as Bitcoin started gaining over the charts.
- The crypto asset is trying to recover towards 20 EMA and is preparing for its breakout from a falling pattern over the daily price chart.
- The pair of ETC/BTC is at 0.0007788 BTC with an intraday gain of 4.87%.
Ethereum Classic price is trading with strong bullish momentum over the daily price chart. The token has been bullish from the last three consecutive trading sessions and is heading towards the upper trendline of the falling wedge pattern. ETC has been caged inside a falling wedge pattern from 22 March after its bullish rally. The token has been struggling to escape the pattern since then. ETC is now trading bullish and is surging towards the upper trendline to register its breakout, as BTC weathered some calming waves of hope to the cryptocurrency investors. ETC must accumulate more buyers in order to escape the pattern with strong bullish momentum over the daily price chart.
Ethereum classic price is presently CMP at $16 and has gained 8.96% of its market capitalization in the last 24-hour period. Trading volume has increased by 21% in the intraday trading session. This shows that ETC is gathering bulls to register its breakout. Volume to market cap ratio is 0.1575.
ETC coin price is trading towards the upper trendline and it can be observed over the daily price chart. The token is trying to accumulate more bulls in order to escape the falling wedge pattern. However, volume change can be seen below average and needs to grow for ETC to successfully escape the pattern. The accumulation should be at its peak to register the token’s breakout. ETC bulls must sustain at the verge of falling wedge pattern to avoid falling again inside the falling pattern. Meanwhile, bears may try to pull ETC back inside the token due to the circumstances of the ongoing bear market.
Is ETC Prepared to Surpass the 20 EMA?
ETC coin price looks pretty determined this time to register its breakout from the falling pattern. It can be seen surging towards the 20 EMA and this is the sign of recovery over the daily price chart. Technical indicators suggest the uptrend momentum of ETC coin. Relative Strength Index showcases the uptrend momentum of ETC coin. RSI is at 42 and is heading towards neutrality reflecting uptrend momentum of ETC coin. MACD also exhibits the bullish momentum of ETC coin. The MACD line is ready to cross the signal line upwards resulting in a positive crossover.
Conclusion
Ethereum Classic price is trading with strong bullish momentum over the daily price chart. The token has been bullish from the last three consecutive trading sessions and is heading towards the upper trendline of the falling wedge pattern. ETC bulls must sustain at the verge of falling wedge pattern to avoid falling again inside the falling pattern. Meanwhile, bears may try to pull ETC back inside the token due to the circumstances of the ongoing bear market. RSI is at 42 and is heading towards neutrality reflecting uptrend momentum of ETC coin.
Technical Levels
Support Levels: $12.50 and $10.00
Resistance Levels: $18.00 and $20.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
