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eCash Price Analysis: XEC below resistance at $0.000353, set to breach?

eCash price analysis

TL;DR Breakdown

  • The XEC/USDT price is trading below the resistance at $0.000353311.
  • The nearest support can be seen at $0.00021700.
  • Bitcoin is currently at $50.2K, with resistance at $50.5K.

eCash has performed quite brilliantly in the recent week with a price rally from $0.00007 to $0.0003. eCash price analysis for today shows a sideways movement below a key resistance present at $0.000343 price level.

The trading volume for the cryptocurrency has surged by over 127.25 percent amount to $1,315,257,577.99. The XEC/USDT pair broke the resistance at $0.000277 yesterday and, with this, reached an all-time high of $0.0003846.

Today, Bitcoin has been moving sideways, trying to maintain a bullish stance above the resistance at $50.5K. For Bitcoin, the nearest support currently resides at $49.2K.

Yesterday, Bitcoin broke the resistance at $49.8K, reaching a price of $51K. Although, the king of cryptocurrencies wasn’t able to maintain that stance, and as a result, it came crashing down to the $50K level.

eCash price analysis: technical indicators show bullish signals on the 4-hour chart

A reading of technical indicators is an absolute necessity to determine the price movement for a given cryptocurrency for a particular. It is important to discuss the readings on these indicators to determine if the price actions will be bullish or bearish.

As visible in the charts below, the XEC/USDT pair is trading below the resistance levels right now. The nearest support can be seen at $0.000217. The price action is above this support as Bitcoin is still struggling to close a candle above $51K. We can see that the Bollinger Bands have expanded quite a number of times on the 4-hour chart for eCash.

According to our eCash price analysis, this indicates bullish growth. The price action seems to have broken from the upper end of the Bollinger Bands and is currently trading sideways. Overall, the price action on the 4-hour chart has maintained a position above the key Moving Averages, i.e., the 50-day and the 100-day Moving Averages.

eCash Price Analysis: XEC below resistance at $0.000353, set to breach? 1
eCash price analysis on the chart by TradingView

Further eCash price analysis on the 4-hour chart is implemented using the RSI and the MACD indicators. The RSI indicator shows that the coin has spent most of its time in the overbought region.

The current reading for the RSI is 78, as it is still in the overbought region with a slightly positive gradient. This shows that bulls haven’t yet completely vanished, and what we are witnessing might just be a cool-off period.

Also, considering the MACD indicator for the XEC/USDT pair, the orange line or the signal line is way below the blue line or the MACD line. This is an indicator of bulls taking charge of the price action as the histogram flashes green.

eCash price analysis
eCash price analysis on the chart by TradingView

eCash price analysis: Conclusion

Our eCash price analysis can be concluded on a bullish note in the short term if Bitcoin is able to maintain a bullish face. If Bitcoin falls, it can be expected that a price retracement for XEC/USDT pair might follow. Although, if bulls take charge and the resistance at $0.0003533 is broken, newer all-time highs might be witnessed.

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.

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