Technical analysis by Anakyn about Symbol ETC: Buy recommendation (9/18/2024)

The RSI on the lower part of the chart, currently around 39, indicating a slightly oversold condition. This suggests the market could be near a potential bottom, but further confirmation is needed.If this ABC correction holds, the price might find support near the 0.786 Fibonacci level ($15.65) or the lower boundary of the channel. This could signal the end of the corrective phase and the start of a new upward movement (Wave 1 of a new cycle). Alternatively, if price breaks below these support levels, it could suggest further downside, extending the correction.