ETC Price Analysis: Will ETC Price Bounce 20% To Reach $19?

The post ETC Price Analysis: Will ETC Price Bounce 20% To Reach $19? appeared first on Coinpedia Fintech News

ETC’s price has been on a downward spiral lately, losing about a quarter of its value in the past few months. This is just part of a larger trend, as the daily Ethereum price chart shows a steady decline.

This primary downtrend has given birth to a formidable resistance trend line, which, during the ongoing correction, has further solidified and produced a secondary resistance trendline.

Diving deeper into the bottom supports, Ethereum Classic showcases persistent resilience at the $14.75 level. Notably, this support has proven to be a fortress, aiding Ethereum Classic to rebound almost five times. 

The ETC price action here evokes a potential double-bottom reversal, gearing up to challenge the secondary resistance trend line, coincidentally with the 50-day exponential moving average.

At the moment, Ethereum Classic is navigating at $15.53, registering a marginal intraday dip of 0.26%. A sudden revitalization in Bitcoin’s performance the previous night has sprinkled optimism on Ethereum Classic, hinting at a possible rounding reversal. 

Supporting this bullish narrative, the RSI indicator unveils a noteworthy bullish divergence accompanying the double-bottom formation. Moreover, the MACD indicator echoes this bullish divergence, cementing a positive relationship between the MACD and its signal line. 

If the ETC price breaks past this short-term resistance trend line, a bullish surge is on the cards, one that might knock on the doors of the primary resistance trend line near the $19 mark, marking an approximate rise of 22%.

Conversely, should the winds not favor Ethereum Classic and it plunges below the $14.75 threshold, we might witness a more profound bearish descent, potentially gravitating toward the earlier low of $12.65. This would translate to a roughly 13% depreciation from the current trading price.