9.4 C
Amsterdam
29 March 2024
PumpMoonshot
Image default
News

Ecash Price Analysis: XEC Looks Bullish, But Sees It As A Bear Trap


  • Ecash coin is bouncing back after retracing from the monthly low of $0.0000255.
  • In terms of the daily price graph, XEC Coin is trading below important EMAs, which include 20, 50, 100 and 200.
  • The Ecash coin belonging to the bitcoin pair is trading at 0.0000000001584 satoshis, up a little over 1.2%.

The Ecash coin has been showing downside momentum since its all-time high and has lost over 91% of the cost at the low of $0.000026. Thus, the daily price action of XEC is showing a lower-low and lower-high formation during a bearish trend, but it now looks like the bulls will surely reverse the ongoing trend.

Source: XEC/USDT by Tradingview 

In terms of the hourly chart, the XEC coin is suggesting an upward directional trend, where the bulls have been dominating the altcoin above the uptrend line. During the recovery, XEC is headed towards an upcoming bullish hurdle at the $0.000067 mark.

At the time of writing, according to CMC, the price of the Ecash coin is trading at $0.00004837, which is up 2.2%. During the recap, XEC recovered about 11% of its costs in just two days this week. Furthermore, the Ecash coin belonging to the bitcoin pair is trading a little over 1.2% at 0.0000000001584 satoshis.

The past week was quite volatile in the last 5 weeks where the bears were aggressive to sell. Meanwhile, the fluctuation gradually decreases; So the trading volume was down 5% compared to the previous night. Nevertheless, in terms of the daily price graph, XEC Coin is trading below important EMAs, which include 20, 50, 100, and 200.

The bulls need to gather more potential 

Source: XEC/USDT by Tradingview 

In terms of the daily price chart, XEC price is moving towards the red signal line of the Super Trend indicator. Similarly, the RSI indicator is moving towards the semi-line (50-mark) after a dip in the oversold zone.

Conclusion

The RSI indicator is suggesting a recovery for the Ecash coin. But there are still many bullish obstacles in the way of the bullish trend.

Resistance level- $0.00020 and $0.00030

Support level- $0.000067 and $0.00010

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

News Source

Related posts

Three Altcoins Spark Huge Rallies After Earning Surprise Support From Coinbase

PumpMoonshot

MicroStrategy Shares Soar as Bitcoin Reaches Highest Level Since July 2019

PumpMoonshot

Analysts Believe They Have Found The Top Crypto For 2023 – Tradecurve (TCRV), KuCoin Token (KCS), Or BNB (BNB)?

PumpMoonshot
Verified by MonsterInsights