Ethereum Classic Price Analysis: Ethereum Classic Token broke out of the bearish channel on the daily chart

• Ethereum Classic Token has widening Bollinger bands indicating a bullish momentum ahead
• The token broke out of a five-month-long bearish channel during this week
• The coin has been very bullish on the hourly chart accompanied by good volumes

Ethereum Classic Token has broken the resistance zone of the bearish channel on the daily chart. The Bollinger bands have also been widening over the past few trading sessions indicating the strength of the bullish momentum. The coin has currently taken support at $ 22.30. The coin had been on the bearish channel for over 5 months now. This is a strong signal of bullishness for the token and traders can take advantage of this situation. Traders can be bullish about the toke over the next few trading sessions.

Ethereum Classic Token has formed a curve pattern on the hourly chart. This curve is a bullish curve with the resistance zone of the curve being an upward sloping trendline. The coin has been consolidating post-completion of the curve formation at the level of $ 35.00 zone. The coin looks set to continue the bullish momentum over the next few trading hours. The coin is on strong momentum and also volumes have been coming in at good levels over the last few days.

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Conclusion: 

Ethereum Classic Token is on a strong bullish momentum having broken a five-month resistance zone on the daily chart. The coin has been receiving good steady volumes on the hourly chart.

Support: $ 22.30

Resistance: $ 40

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.