Ecash Price Analysis: XEC is Still Fluctuating Under Wide Horizontal Range Despite a 18% Gain Last Week

Ecash Coin registered an unexpected surge near the 30 day low.
The market cap of XEC Coin has increased by 7.4% to $907 million in the last 24 hours.
Due to a sudden buy, XEC price moved above the red moving lines of the EMA ribbon indicator.

The Ecash coin is looking within a broad range of resistance from the $0.0000035 to $0.000048 support for the past several months. Due to the battle of bulls and bears, the coin is not able to move in one direction, therefore, the bulls are too far to create any upside positions in XEC crypto.

Last week, XEC price was consolidating near a wide range of support levels, making this consolidation a short-term bullish opportunity for buyers. Thus, the XEC token saw a sudden sharp rise on August 28, 2022, where the price recorded a monthly high of $0.00006479.

At the time of publication, the Ecash coin is fluctuating with USDT at the level of $0.000047. Meanwhile, as hourly price action attracts a higher-low formation during a rally, this bullish price structure could influence bulls to push the asset price towards eventual swing highs.

So far, XEC crypto is up 1.4% this week, while Ecash crypto’s market cap is up 7.4% to $907 million in the last 24 hours according to CMC. The trading volume shows the dominance of the bulls with an increase of 34% over the past 24 hours. Due to a sudden buy, XEC price moved above the red moving lines of the EMA Ribbon indicator on the daily price scale.

XEC Forms Higher-Lows Pattern in Lower Time Frame

Bulls are pushing the XEC coin higher on the bullish side of the RSI indicator. At that time, the RSI was at 58, which was moving towards the higher zone. Besides, the MACD indicator is watching near neutral territory with a rising histogram.

Conclusion

The Ecash (XEC) coin again turned aggressive near the $0.000045 mark. If the bulls reclaim the price above $0.0000520 at the earliest, this minor selloff could result in a retracement phase.

Support level- $0.000040 and $0.000030

Resistance level- $0.000050 and $0.000060

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.