Ethereum Classic (ETC) Breaks Out From Long-Term Downtrend



Be[in]Crypto takes a look at the five cryptocurrencies that increased the most from March 18 to 25.

These cryptocurrencies are:

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ETC

ETC had been decreasing alongside a descending resistance line since Sept 6. This led to a low of $21.20 on Jan 22. 

ETC has been moving upwards since and broke out from the resistance line on March 18. Two days later, it managed to reclaim the $35 horizontal area, which was a crucial resistance level. 

Currently, ETC is attempting to break out from the 0.5 fib retracement resistance level at $49.30. Doing so would likely accelerate the rate of increase towards $77.

LRC

LRC has been trading in a range between $0.7 and $1.22 since Jan 20. More recently, it began an upward movement on March 15 (green icon) and reached the $1.22 resistance area on March 23 (red icon). 

Despite the rapid increase, a breakout above this level would be required in order for the trend to be considered bullish.

AXS

On March 16, AXS broke out from a descending resistance line that had previously been in place since Jan 17. It initiated a rapid upward movement afterwards and reclaimed the $68 resistance area on March 24. 

This is an important resistance area, since it is also the 0.618 fib retracement resistance level. 

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If the upward movement continues, the next important resistance would be all the way at $94.

QTUM

QTUM has been moving upwards since Feb 24. So far, it hit a high of $8.90 on March 25. 

However, the price has reached a confluence of resistance levels, created by the $8.80 horizontal resistance area and the resistance line of a descending parallel channel (red circle)

Until this area is reclaimed, the trend cannot be considered bullish.

ADA

ADA had been decreasing inside a descending wedge since Dec 4. The downward movement led to a low of $0.74 on Feb 24. 

However, ADA broke out on March 18 and has been moving upwards since. So far, it has reached a high of $1.19 on March 24. 

Currently, ADA is attempting to break out from the $1.21 horizontal resistance area. Doing so would be expected to accelerate the rate of increase.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

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