ETC/USDT Technical Analysis: Potential Breakout on the Horizon

24 apr 2023

ETC/USDT Technical Analysis: Potential Breakout on the Horizon


Ethereum Classic (ETC) is currently trading at $19.60 against the US Dollar Tether (USDT) on the 1-hour chart. Technical analysis suggests that a potential breakout may be on the horizon, with the next target being $21.14, a 7% increase from the breakout level.

LTF (1H) Chart Analysis:
Looking at the 1-hour chart, ETC is hovering near its breakout level, which could lead to a bullish move if broken. If the breakout occurs, the next target will be $21.14. However, if ETC is rejected from this level, we could see a drop in price back down to the 18-19 range.

Resistance and Support Levels:
The current resistance level is at $19.75, while the support level is at $19. This means that if the breakout occurs and the price goes above the resistance level, we can expect bullish momentum. On the other hand, if the support level is broken, we may see a bearish trend.

Takeaways:

ETC is currently trading at $19.60 against USDT.
The 1-hour chart suggests a potential breakout on the horizon.
If the breakout happens, the next target will be $21.14.
A rejection from this level could lead to a drop back down to 18-$19.
The resistance level is currently at $19.75, while the support level is at $19.
Conclusion:
Based on the technical analysis of the ETC/USDT pair, a potential breakout may be on the horizon, with a next target of $21.14. However, it's important to keep an eye on the resistance and support levels to gauge potential market movements. If the support level is broken, we could see a bearish trend, while a breakout above the resistance level could indicate bullish momentum. As always, traders should conduct their own research and exercise caution when making trading decisions.