Crypto Technicals: ETC/USD shows strong upside potential, 200-DMA breakout to buoy bulls

ETC/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bullish

GMMA Indicator: Major Trend - Turning Bullish; Minor Trend - Bullish

Overbought/ Oversold Index: Overbought

Support: 4.593 (21-EMA); Resistance: 5.383 (200-DMA)

ETC/USD is showing a strong upside potential with scope for further gains.

The pair has broken above daily cloud and major moving averages. Bullish divergence on RSI and Stochs support upside bias.

Short-term moving averages have broken above long-term moving averages. Confirming near-term bullishness.

Longer-term moving averages have constricted and long-term bias is shifting to bullish.

MACD has shifted into positive territory and positive DMI dominance supports gains.

The pair finds major resistance at 200-DMA (currently at 5.384), breakout above to buoy bulls.

Next major resistance lies at 38.2% Fib at 5.847. Failure at 200-DMA negates near-term bullish bias.

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