Ethereum Classic Chart Analysis: ETC/USD storms towards $7.20 after symmetrical triangle breakout
- ETC/USD extends Saturday’s bounce amid fresh bid-wave.
- The coin charts symmetrical triangle breakout on hourly sticks.
- 200-HMA offers immediate resistance after the sharp pullback.
The pullback in Ethereum Classic (ETC/USD) from $6.8844 appears to have gathered steam this Sunday, as the coin sees a rapid rise to the intraday highs above $7.15.
The price picked-up bids right after the bulls took out the powerful resistance at $6.93, the convergence of the 21 and 50-hourly Simple Moving Averages (HMAs).
The sharp rally, however, came on the back of the symmetrical triangle breakout on the hourly chart above the key resistance at $6.9606.
The hourly Relative Strength Index (RSI) spiked towards the overbought region, now trading near 69.0.
On its relentless rise, the ETC bulls ripped through the bearish 100-HMA at $7.0586. The further upside now remains capped by the horizontal 200-HMA at $7.1885.
A break above which the $7.20 level will be tested. The August 7 high of $7.2618 could be next on the buyers’ radar.
If the bulls face rejection at the 200-HMA barrier, the price could drop back towards the resistance-turned-support at 100-HMA.
The next support is aligned at the falling trendline (pattern) resistance now support at $6.9548.
ETC/USD: Hourly chart
ETC/USD: Additional levels to consider
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
