ETC Prices Skyrocket, Ready To Test The Broken Resistance Trendline

ETC technical analysis displays a high momentum bullish reversal accounting for a 15% jump last week, teasing a jump to the $44 mark. After failing to sustain above the ascending support trendline, the ETC prices dropped by 25% within a week. However, the buyers quickly regain trend control near the $30 mark, resulting in a Morning Star pattern reversal. But will the reversal rally reach the $44 mark, or will the prevailing downtrend regain momentum? Key Points: The ETC price trend is approaching the overhead resistance of $40. The 50 and 200-day SMAs gain bullish spread after the recent Golden Crossover. With a market cap of $5.08 billion, the intraday trading volume of Ethereum Classic has increased by 77% to reach $1.39 billion. Source – Tradingview ETC Technical Analysis The bearish breakout of a flag pattern in the daily chart lenses the ETC price is 25% within a week to test the buyers at $32. However, the buyers successfully halted the downtrend and reversed it with a Morning Star pattern. The bullish reversal rally accounts for a 15% jump within the last week, with multiple lower price rejections reflecting high trend momentum. Despite the multiple bullish candles asserting buyers’ dominance over the price trend, the trading volume fails to reflect any exceptional surge. Hence traders hoping to ride the bullish rally must wait for the $38 breakout. The $38 breakout rally can test the overhead resistance of $44 and pote...