How Traders Spotted an Ethereum Classic Breakout Months in Advance
Great traders will always go where the action is.
Volatility, momentum, and new highs, are some of the key traits they’ll look for. Other times, there’s a fundamental reason for the break, including news, or event that’ll draw even more traders in. Look at Ethereum Classic (ETC) in early August 2018, for example.
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The coin just began to break above its 20- and 50-day moving averages at the time, as analysts began arguing for a value of $20 to $25.
Then again, it was a predictable move for any one paying attention to the news.
Back in June 2018, Coinbase.com -- a major crypto platform -- tweeted, “We are pleased to announce our intention to add support to Ethereum Classic on Coinbase in coming months.”
With news of that size, it was nearly a certainty the coin would see higher highs.
Shortly after, Coinbase.com noted:
“[W]e will now begin the engineering work (Step 4) for supporting Ethereum Classic. As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added. When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter (Step 5),” as quoted by Altcoin Buzz.
That gave further boost to the value of the coin.
By August 4, 2018, there was even more excitement thanks to Coinbase.com, which stated:
“We expect final testing to be completed by Tuesday, August 7, at which point we will announce that we’re ready to accept inbound transfers of ETC. We intend to allow 24–48 hours of inbound transfers through Coinbase Pro and Coinbase Prime before enabling trading.”
That news sent the coin to a high of $17.55.
Any one that caught that news had the opportunity to buy and hold, knowing the coin was likely to get a boost from such an important listing.
Better yet, ETC transaction rates are already up to 50,000 daily with speculation that number could approach 100,000 shortly. This number continues to rise because the price of the coin will most likely rise when listed for trade on Coinbase.com.
The more investors present, the higher the transaction rate.
ETC has even been expanding its international presence, giving further boost to a breakout.
In fact, it just partnered with Zeniex, a South Korean exchange.
“This partnership will see ETC penetrate the Asian market under a memorandum of understanding already inked between the two. With the growing popularity of the coin in Asia, breaking even is in sight. Through a tweet availed to us through the ETC twitter handle,” notes Crypto Globalist.
When it comes to trading breakouts, always keep an eye on the flow of news.
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