📌ETC – Ethereum Classic is a blockchain platform with smart contracts. The project’s native cryptocurrency trades under the ticker ETC. The project emerged as a result of a split in the Ethereum community following a hard fork conducted due to The DAO hack in 2016.
➡️Technical Aspect. The main problem with the asset is its susceptibility to dependency.
The coin has never been known for its individuality in terms of movements and has always mirrored BTC, ETH, BNB, and even XRP.
The same can be observed at the moment. We have precisely replicated the growth of BTC and the subsequent correction. We are moving in a global ascending channel, which stimulates the asset to grow ⬆️
Let’s turn to Japanese candlesticks, long candles have longer bodies than short ones, which is another sign of interested buyers in the asset. The Bears Power indicator is at positive values, which is characteristic of a bullish trend 🔝
The balance volume and the money flow indicator are growing along with the digital values on the chart, thereby indicating the continuation of the upward trend.
Locally, the asset may retreat as short-term investors start to fix their positions. A double bottom was formed, which initiated such a long trend and still acts as a strong stimulus.
The points of the Parabolic SAR indicator are closely pressing from below to the chart, confirming the bullish trend in the asset. The Relative Strength Index (RSI) is in the median value area and was quickly relieved 🆗
We have consolidated above the level of $24.857 or 0.618 by Fib. Below, there are a large number of local support levels, forming a sort of cascade.
I see the maximum potential for decrease in the area of $24.937, where the lower boundary of the channel runs ⤵️
💬Conclusion: As long as we are in the ascending channel and do not fall out of it – we maintain a bullish trend. If we break through the descending channel into short – further decrease will be the most likely scenario ‼️