Ecash Price Analysis: XEC Observes Above the Vital Support Level; Will Pump or Dump?

• Ecash price is consolidating just above the key $0.000067 support level after a sharp sell-off.
• XEC coin saw a 189% jump in trading volume over the past 24-hours.
• The Bitcoin pair price with Ecash digital currency is trading at 0.000000001956 Satoshis, which is bullish by 5.4%.

Ecash coin has frequently been declining, after hitting an all-time high level of $0.0003944. Since the beginning of September, the XEC token has been showing a sell-off in the growth zone. Recently the coin has reclaimed the crucial demand area near the $0.000067-mark. XEC cryptocurrency price is currently fluctuating above the support level; although sellers tried several times for short selling, they failed in this activity.

Ecash investors are attempting to short-cover the digital asset; Therefore, XEC price action is signaling a double bottom formation near important support on the hourly price chart. At the time of writing, the XEC coin is performing 5.18% lower after 3 days of recovery, trading at $0.00007636. Instead of today’s trading session, the coin is up around 7.83% this week. Moreover, the price of bitcoin pair with Ecash digital currency is trading at 0.0000000001956 Satoshis, which is up 5.4%.

Although the Ecash coin broke the 20- and 50-day moving averages last night, but currency is again approaching the 20-MA (While). Moreover, the 100 MA is well above the current price on the daily price chart. Furthermore, the trading volume of the XEC token has increased by 189% in the last 24 hours. Amid the recovery, the daily trading volume bar is rising, which supports the bullish momentum. Meanwhile, the volume to market capitalization ratio is 0.1344. 

What if Ecash holders keep the price above support?

The Ichimoku indicator has become a bullish barrier for a long time. Now it looks like the current price is trading under the red zone of the indicator after opposing Leading Span B (present at $0.0000815) and Leading Span A (current at $0.000075). That’s the support area for the XEC coin’s value.

Stoch RSI saw a sharp rise after bouncing back from near the oversold phase. At the time of writing, moving line K is at 87-point, and moving line D is at 68-point, with reference to the daily price chart. Furthermore, the Average Directional Index is at 23-point, which is slowly slipping, suggesting a slightly weak momentum for the eCash coin.

Conclusion 

There is no doubt that buyers are keeping the eCash coin price above the crucial support level of $0.000067. If sellers pull XEC price below this crucial level, we could see a further sharp sell-off. Therefore, investors should reclaim the coin price above the previous swing high ($0.00010).

Resistance level- $0.00010 and $0.00020

Support level- $0.000067 and $0.000014

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.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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