Ethereum Classic has made a comeback on the candlestick chart based on the daily ETC/USD values. The green candle run strongly suggests that the downward spiral has ended and the bears have gone back to their caves. Thus, Ethereum Classic is ready to move on a new cycle as a reversal seems more than possible.
It has been noticed that the solid support of $10 has been ETCs demand zone. As per the chart, it has rebounded from the price level towards an increase in its value. Earlier, the RSI reached over sold levels and currently gets traded above 30. Experts believe that there is a huge room for improvement in prices mainly because of the Coinbase listing last week. ETC has often been regarded as the coin that will trigger the upward market trend and such positive developments will nevertheless help it.
In comparison to BTC, Ethereum Classic is still in a downtrend as shown by the weekly ETC/BTC chart. Although the coin has to break this sliding motion yet, it has still not reached the lowest levels. Currently, it has bounced back due to a strong support line but is still at the lower end of the ascending channel. RSI for ETC/BTC is trading sideways and is expected to break out in the coming weeks.
Meanwhile, the EMA alignment for ETC/BTC is surviving the bearish trend and is hopeful for a new price rise. Ethereum classic has been acknowledged as the only coin which was able to hold its position alongside BTC through the recent correction as it fell just by 73 percent since its ATH.
ETCs original self, i.e., Ethereum and Ripple fell by 80 percent and 92 percent respectively. Moreover, ETC is also the second-best store of value after market leader bitcoin. Being an undervalued venture with a lot of potential it has worked as a safe bet for those investors who are not strong enough to invest in any other currency than BTC.
We must also consider the fact that ETC went through a 3,615 percent rally within 238 days of completing a correction. The current price action demands the RSI, going through a falling wedge, to show a better performance. Since April 2017 we have not witnessed the RSI at such critical levels. Hence, ETC prices are at a crossroads and they can either go upside or rumble downwards.
Noticing the recent strong bounce off the support price of $10 and the number of positive developments in wait we can rightly assume that the new cycle will record the next break out towards the top of the charts.
Candlestick claims that the price might probably reach a level of more than $377 and will continue to grow until April 2019.
Trading at $13.77, Ethereum Classic has hinted new moves towards a bull run. If nothing goes wrong, then most of the currencies will follow in its footsteps, and the market will see another boost just before the end of this year. In a contradictory situation, the crypto space is bound to lose trust, especially among new and casual investors.