The post ETC Price Analysis: Buyers Rest Before A Breakout Run To $20! appeared first on Coinpedia Fintech News
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.
