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.
MKR has traded between the levels at $550 and $500 for the most part of November, but the past few hours saw MKR breakout of the range with conviction.
The 20 SMA (white) formed a bullish crossover with the 50 SMA (yellow), while the MACD also indicated there was no let-up in the bullish momentum.
Post-breakout, the price dipped back into the $540-region of demand to affirm it as support, before continuing its ascent. In a similar fashion, the $574-level can be expected to be flipped to support in the near-term.
EOS had risen past its levels of resistance at $2.7 and $3 and it retested $3 as support over the past few hours, at press time. The uptrend for EOS remained strong and it seemed likely to remain so over the next few trading sessions.
The Stochastic RSI was in the oversold region after EOS saw a 7.5% pullback. The OBV also saw strong buying volume behind the hike in prices.
Taken together, it was likely that EOS would climb to test the resistance at $3.35 in the next day or two, before possibly flipping that level to support as well.