Altcoin markets continued to look strongly bullish in the short-term after the malaise that had set in over the past couple of months passed. While Ethereum Classic surged to the upside of a range it had been stuck within, Maker flipped a level of resistance to support over the past few hours. Finally, EOS continued to record strong gains after posting a swing low of $2.3 in early November.
Ethereum Classic [ETC]
ETC broke out of the rectangle bottom pattern it has been trading within for nearly two months. The pattern’s upper and lower boundaries were at the $4.8 and $5.6 levels.
The breakout tested the resistance at $6.44, but a bearish divergence was seen between the price and the momentum. This saw ETC pullback to $5.66, before climbing once again to test its resistance level.
Finally, the RSI did not dip significantly below 50, a development that suggested that an uptrend was still in progress.