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XEC price is upholding January’s uptrend with another bullish spike to $0.000044, unbothered by a market-wide retracement on Friday. Almost all non-stablecoin assets in the top ten are in the red led by Ethereum’s 1.7% drop to $1,583 and XRP’s 1.3% decline to $0.40. The largest cryptocurrency Bitcoin remains relatively unchanged in 24 hours and trading at $23,014.
The total crypto market capitalization is down 0.8% to $1.08 trillion, with the 24-hour trading volume at $74 million, according to live price data by CoinGecko. Investors are likely to have taken a breather to digest the latest United States gross domestic product (GDP) figures released late Thursday.
The US posted a 2.9% increase in GDP in Q4 2022, surpassing market watcher’s 2.6% expectation, according to a poll run by Reuters. The country’s consumer spending rose 2.1% with weekly jobless claims falling by 6,000 to 186,000 – these are the lowest claims since April.
Global markets, including crypto, will likely finish the week’s trading in a catch-22 situation ahead of the Federal Reserve (Fed) decision on interest rate hikes, set for early next week. In December, the Fed raised the rates by 50 basis points to a range between 4.25% and 4.5% – the highest level in approximately 15 years. Investors are expecting the Fed to hike the interest rate, hopefully by a less aggressive figure of 25 basis points.
eCash has pulled back from its new yearly high of $0.000044 to trade at $0.000040 at the time of writing. The rally from support at $0.00002115 almost completed a 61.8% retracement based on Fibonacci levels.
XEC price needs to hold onto higher support, preferably one provided by the 200-day Exponential Moving Average (EMA) (in purple) at $0.00003796. It is worth considering relatively higher support at $0.000040 but its viability seems shaky based on the prevailing technical outlook.
The Moving Average Convergence Divergence (MACD) indicator indorses the bullish narrative for XEC price as it lifts above the mean line (0.00). Traders can rest easy as long as the MACD line in blue stays above the signal line in red. Besides, long green histograms in the momentum indicator suggest that buyers have the upper hand, at least for now.
In case of a rebound, investors would be looking forward to XEC price lifting to the 61.8% Fibonacci retracement, the medium-term target at $0.00005, and a move to $0.00006 in the weeks. If the bullish outlook in eCash stays intact, bulls could even ‘eat’ another zero, propelling XEC price above $0.0001.
On the flip side, if investors decide to lock in more profits now, overhead pressure might stifle the recovery and force XEC to give up the gains accrued this month. That said, traders hoping to short XEC price may want to wait until it dips below the 200-day EMA first, before triggering their sell orders. The possible targets on the downside are the 100-day EMA at $0.00003 and the primary support at $0.00002115.
Should You Invest in eCash Today?
Before investors book new positions or increase their exposure to eCash following its impressive rally, they may want to consider the best crypto presales, offering a fair risk-reward ratio.
Meta Masters Guild (MMG) is tapping the power of Web3 to create exciting mobile-focused blockchain games which people enjoy spending time playing. The ecosystem’s new approach relies on play-and-earn, as opposed to play-to-earn – seen with many other gaming platforms such as The Sandbox and Axie Infinity. Meta Masters Guild is ready to launch with three games, but currently rolling out MEMAG tokens in a presale that has raised $1.45 million so far.
💪 #MMG is the largest mobile gaming guild in #Web3, with fun & addictive games using playable #NFTs where you can earn rewards, stake, and trade. 💰
💰 Want to learn more about #MMG and our native coin $MEMAG?
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— Meta Masters Guild (@MEMAGgames) January 26, 2023
C+Charge is a strong Peer-to-Peer (P2P) payment system for EV charging stations developed using blockchain technology. Individual electronic wallets will be given to users, who will then use them to pay for EV charging with the CCHG, the platform’s native utility token. Using the C+Charge mobile app will enable EV drivers to earn carbon credits, check charging station requirements, monitor real-time charging wait times, and even the availability of stations in different locations. The team is issuing CCHG tokens in a presale that has already collected $40k, way ahead of its first listing on exchanges.
Another project investors should deliberately consider buying is FightOut. This move-to-earn (M2E). This new ecosystem’s technology is unmatched, with many barriers to entry in the fitness industry eliminated. The platform is gamifying the fitness industry while giving users a chance to earn from the efforts they put into their well-being.
Fight Out’s Web3 solutions will enable mass audiences to transition to new technologies while taking advantage of a chain of gyms operated under the same brand. Its presale is selling out fast, with $3.47 million raised from around mid-Q4 2022.
Related Articles:
Meta Masters Guild – Play and Earn Crypto
- Innovative P2E NFT Games Library Launching in 2023
- Free to Play – No Barrier to Entry
- Putting the Fun Back Into Blockchain Games
- Rewards, Staking, In-Game NFTs
- Real-World Community of Gamers & Traders
- Round One of Token Sale Live Now – memag.io
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Source: https://insidebitcoins.com/news/ecash-bulls-in-position-signalling-fresh-xec-price-increase-is-it-time-to-buy