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- 1 The eCash crypto has been consolidating since July.
- 2 eCash cryptocurrency is in a tight price range – $0.00003261 to $0.00002169.
eCash (XEC) is a cryptocurrency that comes from the same team which created Bitcoin Cash. This is a version of Bitcoin with more advanced features & plans. It was made with the aim of making blockchain faster, more flexible, and more innovative while keeping the same basic principles of Bitcoin, such as the same total amount, same reward schedule, and same first block.
eCash (XEC) was made by a skilled team of developers, led by Amaury Sechet, who also started Bitcoin Cash. On July 1, 2021, Bitcoin Cash ABC (BCHA) changed its name to eCash (XEC). This change did not affect the blockchain or the tokens.
It only changed how things look to users in wallets and exchanges. For example, the main unit is now bits (2 decimal places) instead of BCHA (8 decimal places), and the exchange rate is 1 BCHA = 1,000,000 XEC.
The token of the eCash network, XEC, has many uses. It can be used for token creation, allowing XEC owners to create tokens with their own name, amount, decimal places, and icon on the eCash platform. Users have to pay XEC tokens for network fees.
The eToken protocol also supports NFTs. Also, XEC token owners can join Avalanche Staking, which is part of eCash governance. The eCash network also has network upgrades twice a year on November 15th and May 15th, which all node operators have to follow.
eCash crypto Price Has Been Consolidating Inside the Price Range
The eCash price prediction suggests that bears and bulls have not yet properly understood the trend. Investors may prefer to wait for multiple technical indicators to join to determine trend direction. A slight increase in the green candles indicates that XEC price is attracting buyers in the demand zone.
Investor sentiment regarding eCash prices is currently uncertain and may remain negative unless buyers actively participate. However, given the technical indicators and price action, the odds are in favor of the bulls.
The price of the eCash cryptocurrency should attract buyers and rise towards the upper trend line of the consolidation phase on the daily chart. Meanwhile, the eCash cryptocurrency price is trying to find support and rise towards the 20-day, 50-day, 100-day and 200-day moving averages.
The eCash cryptocurrency is in a horizontal price range from $0.00003261 to $0.00002169.
eCash crypto price fell about 13.55% over the week, and 6.66% over the month. Additionally, the price of XEC cryptocurrency rose by around 13.38% over the past 3 months and by 10.01% over the past 6 months. However, analysts believe the cryptocurrency price could bounce back from lower levels.
Indicator Analysis of eCash Crypto Price
The price of the eCash cryptocurrency fell below the 20-day, 50-day, 100-day, and 200-day moving averages.
Additionally, the eCash cryptocurrency should register a breakout during the consolidation phase on the daily chart. Technical indicators highlight a consolidation phase in the price of the eCash cryptocurrency.
The Relative Strength Index (RSI) shows the sideways momentum of the eCash cryptocurrency. RSI is at 45.61 and moving towards oversold territory. MACD shows the negative phase of the eCash cryptocurrency price. eCash cryptocurrency investors should wait for a change in direction on the daily chart.
Summary
The price of the eCash cryptocurrency must begin to recover to reach the upper limit of the consolidation phase. However, for the eCash cryptocurrency to move into the recovery phase, it needs to accumulate buyers. The RSI, MACD, and EMAs are giving unclear, uncertain, and bearish signs. Investors should wait before taking any action.
Technical Levels
Support Levels: $0.00002169.
Resistance levels: $0.00003261.
Disclaimer
The analysis presented in this article is provided for informational and educational purposes only. Do not rely on this information as financial, investment or trading advice. Cryptocurrency investing and trading involve risks. Assess your situation and risk tolerance before making any investment decisions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
