{"id":13531,"date":"2021-11-09T17:26:16","date_gmt":"2021-11-09T16:26:16","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=13531"},"modified":"2021-11-09T17:26:36","modified_gmt":"2021-11-09T16:26:36","slug":"ethereum-classic-aims-for-possible-85-increase","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ethereum-classic-aims-for-possible-85-increase\/","title":{"rendered":"Ethereum Classic Targets possible 85% Increase Following Symmetrical Triangle Breakout"},"content":{"rendered":"\n
Ethereum Classic has toppled the upper trendline of its symmetrical, thereby setting a possible 85% surge in motion<\/h5>\n\n\n\n
\"Ethereum<\/a>
Ethereum Classic Targets 85% Increase Following Symmetrical Triangle Breakout <\/figcaption><\/figure>\n\n\n\n

Ethereum Classic Toppled<\/h2>\n\n\n\n

The upper trendline of Ethereum Classic's<\/a> symmetry has been toppled, potentially triggering an 85 percent rally. <\/p>\n\n\n\n

A daily closure above the 200-day moving average (green) would assist confirm a sustained rise all the way to the 50% Fibonacci milestone at $103.6.<\/p>\n\n\n\n

After that, an overbought RSI could cause a short drop before ETC resumes its march toward its local high in May. ETC was trading at xx at the time of publication.<\/p>\n\n\n\n

Ethereum Classic Analysis<\/h2>\n\n\n\n
\"\"
Ethereum Classic Targets 85% Increase Following Symmetrical Triangle Breakout<\/figcaption><\/figure>\n\n\n\n

Following an amazing start to 2021 and a 1,550 percent percentage spike between late March and early May, Ethereum Classic's symmetrical triangle has been forming for about 5 months.<\/p>\n\n\n\n

ETC expected a jump\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> of 85 percent from the breakout point based on the pattern's greatest and lowest peaks.<\/p>\n\n\n\n

After ETC<\/a> had two green candles above the upper trendline, the next move was to bullishly overturn the 200-SMA (green) to jumpstart the rise.<\/p>\n\n\n\n

After successfully negotiating past some sell pressure at $78.08, ETC would go on to the 50 percent Fibonacci level at $103.6 if it closes above this long term moving average line decisively.<\/p>\n\n\n\n

Bears would have to close below the low of $43.1 on October 27 to cause a breakdown. ETC would be vulnerable to a huge sell-off towards late-April levels near $25 in this scenario.<\/p>\n\n\n\n

However, if the overall market continues to be risk-on, this seems improbable.<\/p>\n\n\n\n

Reasoning<\/h2>\n\n\n\n

A bullish RSI that traded over 65 supported ETC's upside potential. <\/p>\n\n\n\n

In the short term, ETC could potentially extend gains beyond the 23.6 percent Fibonacci level until a slight drop is triggered by an overbought RSI.<\/p>\n\n\n\n

Following a bullish crossover between the +DI and -DI lines, the Directional Movement Index flashed a buy signal.Meanwhile, the Squeeze Momentum Indicator remained neutral-biased and had failed to reveal a distinct direction. <\/p>\n\n\n\n

Expect this to change once the market experiences a “squeeze release” and volatility increases.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

Following a symmetrical triangle breakout, ETC aimed for an 85 percent rise. The RSI and DMI both supported a bullish forecast. <\/p>\n\n\n\n

After pushing through sell pressure around $78 and closing above its 200-SMA (green), ETC could make progress towards its target at the 50 percent Fibonacci level.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum Classic has toppled the upper trendline of its symmetrical, thereby setting a possible 85% surge in motion Ethereum Classic Toppled The upper trendline of Ethereum Classic’s symmetry has been toppled, potentially triggering an 85 percent rally. A daily closure above the 200-day moving average (green) would assist confirm a sustained rise all the way […]<\/p>\n","protected":false},"author":29,"featured_media":13532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5388],"class_list":["post-13531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ethereum-classic"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/11\/symmetrical_triangle_explained.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/13531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=13531"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/13531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/13532"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=13531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=13531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=13531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}