Key technical points:
The technical chart of the ETC/USD shows a tense bullish pattern following the reversal of the $18.87 mark. However, the critical resistance level at $24 keeps the reversal trend from escalating and indicates possible setbacks as selling pressure rises. In addition, the higher price rejection in the previous candle shows a relatively stronger bearish side.
Source-Tradingview
The uptrend accelerated thanks to the double bottom near the $18.87 mark and then tested the high of $24. However, in the beginning, the ETC prices must be able to sustain above the trendline breakout, to continue the upward trend.
On a daily basis, these EMAs continue to slide downwards while the spread bearish increases, which indicates a constant downward trend.
In terms of the technical indicators for the technical indicators, the RSI slope, shown in the form of a blue line, which crosses the midline when it experiences abrupt increases, shows an upward trend. However, the Stochastic RSI has the lines K and D that oppose the upward trend, as the chances of a bearish crossover rise because of the recent merger.
In conclusion, despite the bullish growth, the ETC technical analysis is neutral and tells of holding off until price action confirms the breakout sustenance.
If ETC prices surpass the $24 mark after undermining the higher price rejection, an upward trend to $28 is possible. But, the first buyers need to continue to increase their prices to keep prices above the $20 price level. On the other hand, if the buyers cannot surpass $24, a reverse will increase the fallout changes, leading to an inevitable fall to $18.87.
Support Levels: $20 and $18.87
Resistance Levels: $24 and $28