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Ethereum Classic [ETC] is getting attention after attaining a “Golden Cross,” a commonly acknowledged bullish technical sign. This turning point is frequently viewed as a precursor to strong up momentum.
With ETC’s cost momentum heating up, traders and experts alike are discussing whether this marks the start of a continual rally or a momentary peak before a pullback.
Taking A Look At the Golden Cross and technical signs
Ethereum Classic’s cost rose to $33.20, at the time of composing, supported by growing bullish belief. The chart showed strong momentum, as seen in the Bollinger Bands, which showed broadening volatility to the advantage.
The RSI stood at 70.45, indicating that the property might go into the overbought area. A cooling-off stage might take place unless purchasing pressure sustains the rally.
Source: TradingView
The MACD revealed a constant upward trajectory, with the pie chart keeping green bars, suggesting ongoing bullish momentum.
The MACD’s position near its peak recommended that traders must see for compromising momentum in the near term.
Social belief and network activity
A sharp boost in Ethereum Classic’s social volume highlights a growing interest in the possession. Santiment’s analysis reveals a spike in ETC’s social volume in November. Regardless of a current minor decrease, it stays greater than in other months.
Historically, increases in social chatter associate with increased trading activity. The existing pattern indicate a strong interest from both retail and institutional financiers.
Source: Santiment
On-chain metrics expose more information. Current spikes in deal volume and active addresses suggest increased network involvement, supporting the concept that basic activity is driving the rally.
Sustaining these levels will be vital for ETC’s long-lasting development potential customers.
Will ETC’s rally last or fade?
While the Golden Cross is a bullish signal, care is called for. The mix of an overbought RSI and approaching vital resistance levels ($35–$37) might cause profit-taking. If ETC stops working to break above this variety, a pullback to the $28–$30 level is possible.
On the other hand, if ETC preserves its momentum, its next target is $40, a substantial mental turning point. Attaining this will need constant purchasing volume and additional on-chain assistance.
In addition, Ethereum [ETH]carefully associated to ETC, has actually not yet accomplished a Golden Cross. This includes an appealing one-upmanship to ETC’s case. ETH has actually stayed more important and has actually revealed a more powerful pattern just recently.
— Realistic or not, here’s ETC market cap in BTC’s terms
Ethereum Classic’s Golden Cross paints a bullish photo, however signs expose a complex circumstance. While the possession has strong up prospective, indications of possible debt consolidation or a small retracement must not be overlooked.
2018, BidPixels