This trade could play out in 2 ways, I have outlined these below:
-Price continues it's strong momentum to the upside, and hits the upside target zone at 29$.
Bare in mind if this does happen it is extremely likely that price will once again be going back into higher levels, and would show a significant change of investors sentiment in Cryptocurrency as a whole, and prices returning to their higher levels would be likely.
-Price breaks down, before retesting, and coming back to the upside. If this set up plays out, I am expecting the up move to the upside horizontal target zone.
Bare in mind, the first scenario above is preferred to the second. The first scenario indicates that there is momentum in the short term which is exactly what Cryptocurrency needs. It needs , , and direct graphical sentiment.
With the Ethereum Classic price now returning to $24, it will be interesting to see how long this uptrend will last. More specifically, there is a significant demand for cryptocurrency once again, and the Ethereum Classic price is flourishing because of it. With this solid 19.86% gain over the past 24 hours, things have certainly been quite profitable for speculators and long-term holders. Ethereum Classic also gained 21.36% in value against Bitcoin itself, which is another factor that should not be overlooked whatsoever.
With $349.42m in 24-hour trading , the global demand for Ethereum Classic is not all that big as of right now.However, a few top 10 altcoins can’t even come close to $350m in 24-hour trading right now, which further confirms Ethereum Classic isn’t in a bad place as of right now.