Tech

XEC eCash Soars by 8% before a 14% retrace – Time to buy?

11/21/2022
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The crypto market is behaving in volatile regions right now, with lesser-known crypto assets suddenly exploding before retracing. XEC (eCash) is one of them. This crypto asset roasted by 8% before a 14% retrace. Is it time to buy?

What is XEC, And How Has It Performed In 2022?

XEC is a rebrand of Bitcoin Cash, which was a fork of Bitcoin. Calling itself the “cryptocurrency designed to be used as electronic cash”, eCash is only used for the transactions of goods and services. 

As it is created after being forked from Bitcoin cash ABC, eCash implements a proof of stake consensus layer known as Avalanche (not AVAX). Once the rebrand took hold, BCHA coins were transformed into BCHA. 

The reason behind the rebrand was the introduction of three main improvements. 

  1. Improving the scaling transaction from 100 transactions to five million
  2. Faster payment experience by lowering the transaction finality time
  3. Creating fork-free upgrades and extending the protocol. 

XEC entered 2022 at $0.00011 and jumped to $0.00012 before a rapid retrace. The token then went on a volatile road and jumped to its 2022-high at $0.00013 before correcting after the Terra crash. 

Since then, eCash has performed in volatile regions. The price spikes it has created along the way have led many to consider it a great short-term investment. 

XEC Price Prediction – How is XEC performing Right Now?

The entire crypto community was surprised when XEC went into another fit of volatility and reached closer to $0.000033 twice last week. 

Even our experts were surprised. That is when we went on Twitter and found two reasons XEC swung up twice in the last two days. 

Airdrop 

eCash recently organized a translation program. eCash followers were told to translate eCash announcements website or ProofofWriting.com articles in return for two crypto assets, $TRL and $XEC. From the looks of it, eCash organizes such airdrops regularly to its followers. This announcement likely moved many followers to participate and others to momentarily invest in this crypto asset. 

Binance 1-Confirmation XEC deposits

Binance’s recent upgrade allows users to deposit $XEC after a single confirmation. Avalanche Post-Consensus secures that deposit mechanism. 

However, even after the two brief upticks, it seems like most of the eCash followers aren’t happy about it. While some appreciate the recent developments, others have said that “this coin talks too much”.

That said, the recent upgrades will allow for faster transactions, and more cryptocurrency exchanges may follow the same approach. 

But don’t let these upticks let you forget that XEC is a low-cap crypto, and despite the recent upticks, it is trading closer to its all-time lows. 

Should You Buy XEC Right Now?

XEC is an interesting asset with major upsides. And the fact that it is being adopted by major cryptocurrency exchanges is definitely a plus. The intraday chart shows that the token is trending close to the oversold regions, with its RSI standing at 36.72 at the time of writing, which signals a breakdown can arrive. 

Another reason that a trend reversal is possible is that eCash is trading close to its all-time lows. So, if the coin performs similarly to what it did in 2021, it might grow parabolically. However, testing all-time highs might not be possible due to limitations to its market capitalization. 

So, should you buy it? 

XEC is behaving in volatile regions, which makes it a good candidate for short-term gains. The token’s long-term prospects, however, can only be seen next year. Due to this, we believe that intraday traders should consider trading XEC. 

Beat the Market’s Volatility with Dash 2 Trade

The entire crypto market is volatile, and XEC is no exception. Because of that, cryptocurrency investors can’t see past the price action of this asset. Such a time calls for a platform that allows traders to beat the market’s volatility and make gains, like Dash 2 Trade. 

Dash 2 Trade is a novel crypto analytics tool that gives you an intrinsic view of cryptocurrencies. It combines social analytics with off-chain and independent technical indicators to provide you with precise information so that you can invest wisely during a volatile market. 

Accessing this platform is possible through D2T, its native cryptocurrency that’s currently in presale. More than $6.6 million has been raised by this presale token so far, and it is going out quickly. Check it out if you want to become an early mover. 

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Source: https://insidebitcoins.com/news/xec-ecash-soars-by-8-before-a-14-retrace-time-to-buy