XEC price was highly bullish during the start of 2023 as it started to rise from a low of $0.00002163 and formed a yearly high at $0.000045. This move caused a rise of roughly 107% in the span of a month. Since then, the price has been in a bearish trend, leading to the formation of lower lows.
Recently, XEC price formed a support at $0.00001940 after falling and commenced a bullish rally as the crypto market was gaining bullish momentum. This move helped the price in recovering from losses caused during the start of june. The cryptocurrency’s price reached a high at $0.000027 but faced strong resistance and the candle closed near the $0.000025 level.
The previous candle had closed as a strong bearish candle and the current candle is trying to establish the support level at $0.000022. If the current candle is successful in forming support, traders might expect a bounce back and retest of the $0.000025 resistance level. If a candle can break out and close above the $0.000025 level, there is a possibility that price might fill the upper wick and rise toward $0.000027.
On the other hand, if the current candle can break the low of the previous candle, there is a probability that it might head down toward the recently formed support of $0.00001940, causing a loss of roughly 11% in the price.
Developments In eCash Ecosystem
eCash is launching an aliases protocol, providing an option to acquire .xec namespaces for eCash Addresses. Instead of using long address strings that typically characterize crypto currency, users can buy aliases such as “katie.xec” and associate it with their eCash address.
eCash is also introducing chronik indexer with a goal to create a technical infrastructure that enables eCash to compete with the central bank digital currency (CBDC’s)
Will XEC Price Retrace Toward the Recent Support Of $0.00001940?
eCash price trades below the 20,50,100 and 200-day EMAs, indicating bearish momentum in the price. CMF has dropped from 0.04 to 0.02 and is still in the positive territory, indicating that there is a little bit of bullish strength left in the market. Relative strength index (RSI) trades at 47.89, suggesting that price is in neutral territory and there are chances that price might enter into a consolidation phase.
The price reached the upper band of bollinger and is trying to form a support near the 20-day SMA of Bollinger. If price holds above the 20-day SMA, it could try to retrace toward the upper band of bollinger.
Conclusion
The market structure and price action of eCash shows that the price has entered into a corrective phase and that it has started to retrace toward the recently formed support of $0.00001940.
Technical levels
Major support: $0.00001940 and $0.00001800
Major resistance: $0.00002500 and $0.00002800
