Taking constant support from the crucial horizontal level at $14.75, the ETC coin price forms a descending triangle pattern. In the recent negative cycle within this triangle, the ETC price reverts from the $20 mark to $14.75, accounting for a 30% drop between July and September 2023.
Despite the overall correction, the constant support at $14.75 keeps the hope for a bullish reversal in the Ethereum Classic price prediction.
However, the recent bullish reversal during late September breaks above the resistance trendline, and the 50-day EMA signals a reversal. Nevertheless, the buyers failed to sustain the bullish momentum despite the ongoing up October, which led to a retest of the broken trendline.
Moreover, there recent downtrend in ETC price nullifies the double-bottom reversal from the $14.75 support level. This turns the Ethereum classic into a sideways-moving consolidation range between $14.75 and $17.
Currently, the ETC coin price trades at $15.49 with an intraday gain of 0.32%. Moreover, recently, a candle tested the trend line with lower side rejection that highlights the possibility of a post-retest reversal.
Technical indicators:
EMA: The 50 and 200 days, exponential moving averages maintain a declining trend with certify the downtrend in motion.
DMI: The DMI indicator displays a negative slope in the ADX line, representing a lack of trend momentum. Moreover, the DI lines given bear crossover during the retest phase in ETC price.
Will ETC Price Cross $16?
Considering the buyers managed to hold off the incoming supply at $14.75, the ETC price is set for a bullish reversal. The refresh bullish rally will continue the sideways trend with the overhead resistance of $17. Upon the $17 breakout ETC prices, the 200 EMA and reach the $20 mark.
On the flip, if the buyers fail to sustain dominance inside $14.75, then the continuation will hit the $12.65 mark.
Sohrab Khawas
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he’s trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he’s not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
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