The ETC technical analysis displays a continuation of bullish reversal despite the recent slash, as prices again break above the $20 mark due to buyers’ dominance, with MACD gaining uptrend momentum.
Registering a jump of 9.2% over the last 24 hours, Ethereum Classic (ETC) has broken above the psychological mark of $20, triggering a buying spree in the market. With a market cap of $2.83 billion, ETC valuation saw a spike of 7.89%, while the 24-hour trading volume in ETC grew by a whopping 46.78% to $387.87 million, reflecting a strong bullish cycle in the market. Despite ETC plunging below the $17.50 mark on Wednesday in the continuation of bearish momentum sparked by the dramatic collapse of cryptocurrency FTX since early November, the token made a remarkable rebound by delivering growth of 12.7% during the last 14 days.
The ETC price action reflects a sharp jump of 9.2%The daily chart shows underline bullishness as ETC breaks above the $20 markWith a spike of 46.78%, intraday trading volume in ETC stands at $387.87 million
ETC Technical Analysis
The ETC price action maintains a continuation of the bullish reversal rally after a brief spell of the downtrend during early trading hours. The 200-day EMA moving along the support line also represents the uptrend in the market undermining the recent slash. ETC prices are again on the long-term uptrend after facing opposition from the 200-day EMA, reversing from $19.97. As ETC currently trades above $20, the sideline traders can make entries and exit at the next breakouts on either side. If the token gains further strength, it may break above $20.50, making resistance at $21, whereas if prices could not sustain the momentum, ETC may again plunge below the $20 mark. Additionally, the movement of the price channel between 78.60% and 61.80% on the Fibonacci retracement level, strengthens the bullish breakout possibility in the market.
Giving a bullish divergence after rebounding from the oversold boundary, RSI moves above the 45 mark approaching the halfway line with a 14-day SMA at 38.85. Moreover, the fast and slow lines also give a bullish crossover with bars starting to rise on a bullish histogram.
Therefore the technical indicators show ETC is set for a reversal rally after the recent slash as buyers seem to be active again with MACD also indicating an upward momentum.