After the breakout, reaches higher end of the obstacle

  • ETC is largest gainer of the day in lean Sunday trading.
  • Retracement from these levels is likely to follow.

Ethereum Classic, the split cousin of the second largest crypto, Ethereum, is largest gainer of the day in a lean and lowly volatile weekend’s Sunday trading, although it is coming after a breakout of a key resistance on the long term chart.

ETC/USD is up nearly 13 percent on day at $6.805, just around the high point of the day. On the 12-hour chart of this less-talked coin, ETC had earlier broken out of a key trendline resistance and has now reached upper end of the parallel channel that would make bulls retreat a bit from here.

While that said, there are enough supports around if bears do try and take control of the battleground. Key support being in the form of 200 days SMA placed at $6.230 and then numerous more supports coming in the form of trendlines on the 720-minute chart.

ETC/USD 720-minute chart:

 


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