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Vikram
May 24, 2022
by Vikram

ETC Technical Analysis: Channel Breakout Faces Rejection at $24

ETC
ETC prices manage to break above the long-coming resistance trendline but face higher price rejection at $24. Will the breakout rally sustain above $20?

Key technical points:

  • ETC price breaks above the falling channel breakout.

  • The Stochastic RSI warns of a bearish turnaround.

  • The 24-hour trading volume of ETC is $856 Million, indicating a rise of 85%.

    • Past Performance of ETC

    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.

    TradingView Chart

    ETC Technical Analysis 

    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.

    Upcoming Trend

    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

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    ETC Technical Analysis: Channel Breakout Faces Rejection at $24
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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