XEC Price Makes a Bearish Breakout?

XEC’s price is currently trading at $0.000030, with a drop of 57% in 24-hour trading volume.
The XEC price declined 5.00% in the last 24 hours.

XEC price is currently moving within a symmetrical triangle. In early November, the price made a breakdown through the consolidation range, where it gave a downfall of 42%. Followed by the downfall, eCash price gained buyers’ support near the baseline of the symmetrical triangle, after which it made a bullish cup with a handle pattern around early January, resulting in a highly bullish breakout of more than 81%.

The price made multiple attempts to break its barrier point near the 200-day EMA. However, it could not sustain itself, and the price made a bearish correction of almost 30%.

XEC Price is Trading Under Critical Resistance Levels (1-Day Timeframe)

Source: XEC/USDT by TradingView

Technical Indicators

The price is currently taking resistance from the 100 EMA trading within a symmetrical triangle. As the price is trading under major key EMAs, there is a slight chance it can take a bearish correction.

XEC price is currently taking resistance from the 100 and 200 Moving Averages, respectively. The current support levels for the XEC price are around $0.000026, and its major support level is at $0.0000250. The resistance point for the price of XEC is near $0.000031, and its major resistance is at $0.000041.

The RSI line gives a bearish crossover below the 14 SMA and median lines. The value of the RSI line is 42.06 points, while the 14 SMA is providing support at 52.35 points In a 1-day timeframe.

The %K line took a bearish reversal from the overbought level, crossing below the %D line. The stochastic RSI is trading near the oversold level of 30.48 points. Stochastic RSI gives strong indications of a bearish move soon on the daily timeframe.

Conclusion

According to the analysis, the price of XEC is taking strong resistance from the 100 EMA. The primary trend for eCash is bearish on the daily timeframe below the 200 EMA. The price with all the technical indicators suggests that the price can take a bearish reversal in the near future.

The oscillators support the bears, where the RSI makes a negative crossover, taking resistance from the median line. The stochastic RSI is also taking a reversal, making a negative intersection. After producing a breakout, the XEC price can make a slight bearish correction of 8% on the daily timeframe in the near future.

Technical levels –

Support -$0.000026

Resistance – $0.000041

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.