Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• ETC rode the bullish wave with 16.5% gains over the past 48 hours.
• Rising Open Interest encouraged bulls with more gains likely.

Holders of Ethereum Classic [ETC] rode the bullish market wave to record significant gains over the past 48 hours. A price bounce of 16.5% saw ETC smash the $17.66 resistance to trade at $18.84, as of press time.

Read Ethereum Classic’s [ETC] Price Prediction 2023-24

As the global crypto market cap continues to rise with Bitcoin [BTC] approaching $31k, all the signals point to an extension of Ethereum Classis’s bullish rally.

Strong inflow of trading volume initiates bullish break of sideways structure

ETC bounced off the key support level of $13.31 to steam the severe losses it had suffered from the bearish swing. The dip to $13.31 created a price imbalance, which was slowly filled as price recovered. This led Ethereum Classic to trade sideways between 10 June to 20 June.

An increase in the daily trading volume had been highlighted in this previous price report as the key to a significant bullish breakout. A slight uptick in volume on 21 June saw ETC break the minor resistance at $16.42 before a brief pullback.

However, the trading volume ramped up on 23 June with a big bullish candle on the 12-hour timeframe flipping the $17.66 from resistance to support.

Bulls firmly have the $20.27 level in sight and sustaine

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Author: Suzuki Shillsalot

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