Crypto

Ethereum Classic (ETC) Technicals Indicate A Big Move Before Full IOT Compatibility This Month

Ethereum Classic (ETC) is expected to become fully IOT (Internet of Things) compatible by November 30, 2018. This is no doubt going to be a big development for the sleeping giant. However, previously we have seen events like Coinbase listing and ETC Summit makes no impact on the price of Ethereum Classic (ETC) at all. For all we know, this time may be no different and the price may not appreciate short term. However, all of these developments combined are definitely going to have a strong impact long term. Most cryptocurrency projects do not think beyond cryptocurrencies or the blockchain technology. There is a reason for that. Blockchain is a hot topic and they want to capitalize on that, but what happens when blockchain is not so hot anymore?

This is what differentiates Ethereum Classic (ETC) from most other projects. While most projects out there are in the race to create new chains and wallets, Ethereum Classic (ETC) is working on using those chains and wallets for IOT (Internet of Things). Of course most other projects are not focusing on IOT because they are not made for IOT. For instance, Ethereum (ETH) is a great blockchain but its centralized governance and mutable nature makes it a nightmare for IOT. The same goes for EOS (EOS). As for IOTA (MIOTA), it has a strong chance at becoming a serious contender in the IOT space but it has technological limitations as IOTA (MIOTA) is not built on a blockchain. A few critics from MIT recently pointed out some flaws in IOTA’s tangle.

Ethereum Classic (ETC) on the other hand is tried and tested and is better positioned to become the leader in IOT.  We are still weeks away from Ethereum Classic (ETC) becoming fully IOT compatible but the technicals are already showing signs of a major breakout. The first chart for ETCUSDLongs shows a strong bull flag being formed. This shows that the bulls are ready to push the price higher, but that is not all. The weekly chart for ETCUSDShorts shows that the bearish resolve is seriously hurt now that the number of shorts has broken below the historical trend line. One big drop in the number of shorts could result in a major spike in the price of ETC/USD. Both the ETCUSDLongs and ETCUSDShorts point to one conclusion and that is a bullish breakout in the weeks ahead.

To put it all in perspective, let us examine what ETC/USD has been through. The price declined from its all time high of $44.34 to a low of $8.86. During the correction, Ethereum Classic (ETC) saw a lot of favorable developments but none of them made any impact on its price. The price has now completed a bullish gartley pattern spanning over a period of two years. The price has completed a correction in the same manner it completed a rally between 2017 and 2018. Ethereum Classic (ETC) is one of the few coins that have seen gaming changing developments during the correction. It is likely that all of these developments will eventually reflect in its price as the market recovers.

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