ETC: Gauging potential targets of this bullish pattern’s breakout

ambcrypto.com:

Over the last month, Ethereum Classic [ETC] witnessed no bounds to its growth that extended from the $13-mark. This buying comeback positioned the altcoin near the upper band of the Bollinger Bands (BB) and reaffirmed the one-sided buying edge.

ETC jumped over the basis line of its BB after snapping its long-term trendline support (previous resistance) (white, dashed). Its current patterned breakout could see near-term hurdles in the immediate resistance range. At press time, the alt traded at $43.47, up by 12.02% in the last 24 hours.

Source: TradingView, ETC/USDT

The four-month trendline resistance (now support) curtailed the buying pressure until mid-July. Then, following the broader market recovery, ETC established a foothold above the EMA (red) and the 50 EMA (cyan).

The rebound from the $13.6 level laid the foundation for a whopping 217% ROI until press time. Naturally, the basis line and the near-term EMAs kept looking north to reflect the increasing buying pressure.

While the Point of Control (POC, red) provoked a bullish pennant-like structure, the recent bullish engulfing candlestick confirmed the bullish breakout. The previous bullish flag breakout made way for another bullish push in the daily chart.

With the $47-$49 range resistance standing sturdy, reversals from this level could induce a near-term slowdown.

In this case, the buyers could look to re-enter from near the POC in the $34-$36 range. A potential golden cross of the 50 EMA and the 200 EMA green can further strengthen the chances of continued growth.

Source: TradingView, ETC/USDT

The Relative Strength Index (RSI) hovered in the overbought region to reflect a robust buying edge. A potential reversal from this region could ease the heightened buying