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Taking fixed give a take to from the needed horizontal stage at $14.75, the ETC coin rate forms a descending triangle sample. In basically the latest negative cycle within this triangle, the ETC rate reverts from the $20 impress to $14.75, accounting for a 30% drop between July and September 2023.
No subject the final correction, the fixed give a take to at $14.75 retains the hope for a bullish reversal within the Ethereum Traditional rate prediction.
On the replace hand, basically the latest bullish reversal at some stage in dreary September breaks above the resistance trendline, and the 50-day EMA signals a reversal. However, the merchants failed to retain the bullish momentum irrespective of the ongoing up October, which led to a retest of the broken trendline.
Furthermore, there latest downtrend in ETC rate nullifies the double-bottom reversal from the $14.75 give a take to stage. This turns the Ethereum classic into a sideways-transferring consolidation differ between $14.75 and $17.
For the time being, the ETC coin rate trades at $15.49 with an intraday compose of 0.32%. Furthermore, no longer too lengthy ago, a candle examined the fashion line with lower facet rejection that highlights the prospective for a post-retest reversal.
Technical indicators:
EMA: The 50 and 200 days, exponential transferring averages withhold a declining fashion with certify the downtrend in motion.
DMI: The DMI indicator shows a negative slope within the ADX line, representing a lack of fashion momentum. Furthermore, the DI lines given endure crossover at some stage within the retest phase in ETC rate.
Will ETC Brand Substandard $16?
Thinking relating to the merchants managed to withhold off the incoming provide at $14.75, the ETC rate is decided for a bullish reversal. The refresh bullish rally will proceed the sideways fashion with the overhead resistance of $17. Upon the $17 breakout ETC prices, the 200 EMA and attain the $20 impress.
On the flip, if the merchants fail to retain dominance interior $14.75, then the continuation will hit the $12.65 impress.
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Sohrab Khawas
Sohrab is a passionate cryptocurrency files writer with over five years of journey conserving the industrial. He retains a eager pastime in blockchain technology and its skill to revolutionize finance. Whether or no longer he’s shopping and selling or writing, Sohrab always retains his finger on the heartbeat of the crypto world, the grunt of his journey to lift informative and partaking articles that educate and inspire. When he’s no longer analyzing the markets, Sohrab indulges in his spare time actions of graphic carry out, minimal carry out or taking ticket of his current hip-hop tunes.