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The altcoin markets continued to look strongly bullish in the short term after the malaise that had occurred over the past two months passed. While Ethereum Classic rose to the upside of a range within which it was stuck, Maker has reversed a resistance level to support in the past few hours. Finally, EOS continued to post strong gains after hitting a swing low of $ 2.3 in early November.
Ethereum Classic [ETC]
Source: ETC / USDT on TradingView
The ETC has come out of the lower pattern of the rectangle where it has been trading for nearly two months. The model’s upper and lower limits were at the $ 4.8 and $ 5.6 levels.
The breakout tested the resistance at $ 6.44, but a bearish divergence was observed between price and momentum. This saw ETC retreat to $ 5.66, before rising once again to test its resistance level.
Finally, the CSR it did not drop significantly below 50, a development that suggested an uptrend was still underway.
Maker [MKR]
Source: MKR / USDT on TradingView
MKR has been trading between the $ 550 and $ 500 levels for most of November, but the past few hours have seen the breakout of the MKR range with conviction.
The 20 SMA (white) formed a bullish crossover with the 50 SMA (yellow), while the MACD it also indicated that there was no decline in the bullish momentum.
After the breakout, the price moved back into the $ 540 demand region to affirm it as support, before continuing its rise. Similarly, the $ 574 level can be expected to roll over to support in the near term.
EOS
Source: EOS / USDT on TradingView
EOS had broken through its resistance levels at $ 2.7 and $ 3 and retested $ 3 as support in the past few hours, at press time. The uptrend for EOS remained strong and looked likely to remain so in the next trading sessions.
The Stochastic RSI was in the oversold region after EOS posted a 7.5% decline. The OBV it also saw strong buying volume behind the price hike.
Taken together, it was likely that EOS would rise to test the resistance at $ 3.35 in the next day or two before it could turn that level to support as well.
