XEC Price Analysis: What’s Next as Coin Moves in a Range?

• The price of XEC coin is currently fluctuating within a range.
• MACD indicator is generating a sell signal whereas RSI indicator is neutral.
• In the previous three days, the coin price has decreased about 7.62%.

The XEC coin can be seen moving in a range on the daily chart. This range implies that there is a tough competition between the bulls and bears. Therefore, after this range breakout, the coin may show a strong bull move. Moreover, a Golden Crossover can also be seen after this range breakout.

Monoscopic View

On the chart, we can see that the coin had been moving in a downtrend for several months before it delivered a big bull move after reaching its support level. The coin’s price was carried to its next resistance by this bullish surge. After the range breakout at current levels, a similar bull move can be anticipated once more. But there is also a possibility that we might witness a bear move rather than a bull one. If the coin shows a range breakdown, then the bear move may be visible.

The MACD indicator has shown a bearish crossover signaling the possibility of a price decline. On the other hand, the RSI curve is trading above its 50-point threshold, we still cannot classify this as a buy signal because if there is a minor decline in prices, the RSI curve may drop below its 50-point threshold, which would then indicate a sell signal.

Overall, the RSI indicator is neutral while the MACD indicator is currently delivering a sell signal.

Microscopic View

According to the short-term chart, the coin can make a bearish move once it drops below $0.00003276. In addition, the Death Crossover, which also indicates a decline in prices, is drawing near on the chart.

By February 17, 2023, the price of eCash (XEC) is expected to increase by 11.32% and reach $0.00003866, according to Coin Codex’s most recent price projection. Coin Codex further states that the technical indicators indicate that the current sentiment is bearish and the Fear and Greed Index is at 50 (Neutral). Over the past 30 days eCash recorded 19/30 (63%) green days.

Conclusion

Investors who are interested in buying the coin can wait till the coin gives a breakout of the range or they can buy it when the coin reaches its major support level from where it previously displayed a bull move.

Technical Levels

Resistance levels – $0.00004004 and $0.00004902

Support levels – $0.00002748 and $0.00002123

Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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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