- eCash price analysis has a bearish outlook today.
- Major Bitcoin sell-off slayed the bulls yesterday.
- XEC/USDT price has found support at $0.00022.
- Nerest resistance zone exists at $0.00025.
The bears have been slain due to a major sell-off that occurred yesterday, dropping Bitcoin by a huge margin. This was one of the biggest sell-offs that occurred in the past few weeks with Bitcoin trying to breach the 52K USD price level. Due to a fall in the price of BTC/USDT, eCash price analysis is bearish for the short term.
XEC/USDT is currently trading at a low price of $0.000257 which is at an almost 33.30 percent low from its all-time high of 0.0003868 USDT while the trading volume is up by around 27.33 percent. Using the eCash price analysis we can pinpoint the location of support at $0.00022 which still holds. We might expect the price movement to move upwards in order to break the resistance at $0.00025.
XEC or eCash was previously called Bitcoin ABC, and there were plenty of people against the formation of Bitcoin ABD. But, the developers of the cryptocurrency network decided to improve upon their work and make a fundamentally strong cryptocurrency that could survive even bearish crashes. Therefore, according to the investors, XEC is a great investment that can be held for the long term.
eCash price analysis: Technical indicators seemingly bearish
Technical indicators are a necessity for predicting the future prices of any cryptocurrency and without their readings, accurate predictions become harder. In the chart below, we can see that the price movement incurred a huge sell-off due to Bitcoin dropping from $52K to $43K after an unexpected selling pressure. The RSI indicators which indicate the demand of XEC/USDT pair in the market read 44.
This level indicates that the bears are in charge and that selling pressure has increased. The slightly negative gradient shows that lower prices might follow. On the other hand, the MACD indicator shows us that the signal line has crossed over the MACD or the blue line, indicating a bearish crossover on the 4-hour chart. This means that further lower prices are possible as the histogram flashes red.
The 4-hour chart below shows the price movement using the Bollinger Bands and the 50-day and the 100-day Moving Averages. According to the eCash price analysis, it can be seen the current action is below the 50-day and 100-day Moving Averages. We can expect the price movement to try and conquer these key Moving Averages.
The price of eCash broke out from the upper end of the Bollinger Bands a day ago and yesterday, we saw a huge selling pressure leading to a breakout from the lower end of the Bollinger Band. Therefore, we might expect the price movement to stay at the lower end of the Bollinger Band for the rest of the day, trying to move upwards towards the resistance at $0.00025.
eCash price analysis: Conclusion
For the eCash price analysis, we can expect the price to drop down further if the support at $0.00022 doesn’t hold. Although, for now, we can clearly see that the support holds while the price action tries to re-claim the resistance and turn it into a level of support at $0.00025.
eCash, previously known as Bitcoin ABC, saw a renovation, and with new features, the use cases are as strong as other cryptocurrencies. If you want to know more about the birth of this cryptocurrency, you can visit this article.
It seems that Bitcoin price has dropped by a huge margin, but it is advised not to panic sell and hold on to your cryptocurrencies. According to major investors, this correction will bring down the high gas fees of Ethereum and reshape the RSI levels, which were touching significant highs.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.