Cryptocurrency News

Is this the start of a bullish reversal of luck for Ethereum Classic?

Many crypto coins have been struggling this year, Ethereum Classic being no exception. At the start of the year its value was at a high, reaching $47.296 on the 14th of January, but ever since then things have been taking a downward turn. On the 10th August it was valued as little as $10.10, an almost 80% drop from its former value back at the beginning of 2018.

Things were not looking good for Ethereum Classic, yet in the past few days the markets are beginning to see a gradual turn. Although the value of the coin is nowhere near what it once was, there is a good chance that it can built itself up and have a good turnaround in price.

By taking a look at both the daily and weekly charts, you can see that it has just about broken out from the steadily falling wedge that it seemed to have got itself into over the past months. There is the chance that this could be the backtesting of a breakout.

The technical indicators are looking good, which shows that the market as a whole is starting to gain strength. Although ETC may currently be looking bullish, that doesn’t mean that it is going to skyrocket any time soon. It would actually be better in the long-run is the market price sat somewhere between $12 and $20 before making any major leaps up in value.

Despite the doubts and negative news stories, the future is looking pretty bright for Ethereum Classic. The bottom line is, although it may look pretty bearish, if you look closer at the more technical elements, the stats tell us the exact opposite, meaning that this coin is on track for a bullish reversal in the near future.

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