ETC Technical Analysis: Channel Breakout Faces Rejection at $24

ETC prices manage to break above the long-coming resistance trendline but face higher price rejection at $24. Will the breakout rally sustain above $20? Key technical points: ETC price breaks above the falling channel breakout. The Stochastic RSI warns of a bearish turnaround. The 24-hour trading volume of ETC is $856 Million, indicating a rise of 85%. Past Performance of ETC The technical chart of the ETC/USD shows a tense bullish pattern following the reversal of the $18.87 mark. However, the critical resistance level at $24 keeps the reversal trend from escalating and indicates possible setbacks as selling pressure rises. In addition, the higher price rejection in the previous candle shows a relatively stronger bearish side. Source-Tradingview ETC Technical Analysis The uptrend accelerated thanks to the double bottom near the $18.87 mark and then tested the high of $24. However, in the beginning, the ETC prices must be able to sustain above the trendline breakout, to continue the upward trend. On a daily basis, these EMAs continue to slide downwards while the spread bearish increases, which indicates a constant downward trend. In terms of the technical indicators for the technical indicators, the RSI slope, shown in the form of a blue line, which crosses the midline when it experiences abrupt increases, shows an upward trend. However, the Stochastic RSI has the lines K and D that oppose the upward trend, as the chances of a...