The Ethereum Classic token has become one of the best-performing altcoins over the past day as it has soared over 20%, resulting in it reaching a high of $24.21. Additionally, with a 291.67% increase in the daily trading volumes of the derivatives to a level of $1.84 billion and a 47.45% rise in the open interest, suggesting rising optimism among the investors for the altcoin in the market.
ETC Price Displays Massive Rise In Bullish Sentiment
The confidence in the long position is easily notable at Binance and OKX. A ratio of long/short account positions at Binance is 2.07, leading trader positioning even more strongly at 2.61. This sentiment supports the continuity in the bullish sentiment, but does also signal possible overcrowding in the shorter frame.
According to Rekt data, shorts were in the red with 24 hours worth of liquidations of $2.6 million against $1.22 million in the long traders. The breakout probably was accelerated by a chain of short squeezes.
After recording a consolidated price action between $14.25 and $21.15 for a brief period, the ETC price has breached its major resistance. The bullish breakout resulted in it heading toward a high of $21.68 today.
Moreover, the Bollinger Bands and Relative Strength Index (RSI) is currently at 85.12. Normally, such RSI readings would indicate overheating but in severe uptrends they usually will be followed by additional rallies.
Over the short term, the immediate bullish target to watch is at $28.30 and $31.75. Additionally, its upside targets include $35.00 which is possible if the bullish volume remains intact.
Conversely, the major support to hold is at $21.15. Anything lower than that would attract price into the $17.97 level within a short period of time.
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