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- eCash crypto price is up by 30% on a weekly basis and has formed a giant bullish reversal candle
- XEC price attempting to break out of the 200-day EMA and the 24-hour volume increases by 502%
eCash crypto price is trading with bullish cues and bulls are trying to hold the price above the 200-day EMA, but the confirmation is awaited. The previous few sessions were in the favor of bulls and XEC price is up by 30% on a weekly basis that shows the confidence of bulls at the lower levels. Currently, the pair of XEC/USDT was trading at $0.00004242 with intraday gains at 22.72% and the 24-hour volume-to-market cap ratio at 0.2974
eCash price returning back to the bullish track?
On a daily time frame, XEC crypto price had shown a surprising recovery of 20% on intraday and broke out of the hurdle level at $0.00003505 with a giant bullish candle which triggered positive sentiment in the eCASH traders.
In the mid of January, XEC price took support at $0.00002500 and witnessed some volume spike which helped the price to reverse upwards and reclaim the 50-day EMA. After a few days of consolidation, price gained momentum and continued the upward direction by forming higher high candles.
Recently, XEC crypto price attempted to break out of the 200-day EMA (green) for reversing the positional trend in the favor of bulls but the price seems to be facing rejection from the supply zones, and confirmation is still awaited. On the higher side $0.00004500 will be acting as an immediate hurdle for bulls followed by the next hurdle at $0.00005000 level.
XEC price saw a massive volume spike and the technical indicators are turning bullish which shows the confidence of buyers at the lower levels. However, the RSI above 80 indicates the overbought level, and minor correction or consolidation near to the supply zone is also possible.On the lower side $0.00002974 will act as a support level for bulls and if price retest the breakout zone then it will be an opportunity for investors to accumulate at the lower levels.
Summary
XEC price had shown a massive up-move of 20% on intraday and buyers succeeded to reverse the short-term trend in the favor of bulls. The technical analysis suggests that eCash price is undervalued and any dips towards the support levels will provide a buying opportunity for the traders and long-term investors. Therefore, aggressive traders may look to buy XEC for the target of $0.00005000 and above by keeping $0.00002500 as SL. However, if the price drops below $0.00002500, then the up-move will be considered as a bull trap.
Technical levels
Resistance levels: $0.00004500 and $0.00005000
Support levels: $0.00002974 and $0.00002114
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
