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This Small-cap Altcoin RWA Could Increase Sharply in the Near Future

The price of Egoras Credit (EGC) has bounced from the previous resistance zone and reclaimed the crucial horizontal support zone. It is expected to undergo a significant increase in the near future.

Weekly Outlook

The price of Egoras Credit (EGC) declined after being rejected by long-term resistance at $30 during the week of January 8-14, 2024 (red arrow). This move brought the price back to the previous resistance zone at $8.5, which was expected to provide support.

Indeed, the EGC price has maintained above this zone for the past 9 weeks, signaling bulls are buying at breakout levels.

This is a common occurrence following a breakout and often leads to the continuation of the previous uptrend.

The weekly RSI indicator has surged from the 50 level in the previous week (green arrow), supporting the potential for recovery.

Therefore, the EGC price may rise to the significant resistance zone at $30 in the near future. This figure marks a 198.87% increase from the current price level.

Breaking above this zone will mark the end of the long-term downtrend. Subsequently, the EGC price may rise by 716% to the $80 resistance zone.

EGC/USDT weekly chart. Source: TradingView

Reclaiming the Support Zone

The 4-hour chart shows that the EGC price has reclaimed the small horizontal support zone at $10. This move indicates that the previous breakdown was just a deviation (red ellipse) and is often followed by a strong rally.

The 4-hour RSI indicator has generated a bullish divergence and surged above the 50 level, showing that the bulls have control of the market in the short term.

Therefore, the EGC price may rise to the nearest horizontal resistance zone at $19 in the coming days.

EGC/USDT 4-hourly chart. Source: TradingView

Conclusion

The most probable outlook suggests that the price of Egoras Credit (EGC) will continue to rise in the near future. The nearest target is $19 and higher towards $30, $80.

The bullish perspective will be invalidated if the EGC price closes a weekly candle below the $8.5 zone.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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