- eCash’s price prediction highlights the recent bullish recovery from its all-time low
- XEC token has shown a year-to-date growth of 51.63%
- eCash token has recovered 85% from its recent swing low.
eCash’s (XEC) price prediction reveals that the market has made a bullish recovery of 150% from its all-time low of $0.00001812. The XEC token has been in a bearish trend since February 2023. The price jumped 100% at the start of 2023 to the price level of $0.00004515. It was followed by a sharp decline of 58%, where the price carved out a new all-time low. Since then, the XEC crypto price has witnessed a bullish bounce to the resistance of $0.00004515.
At the time of writing, the current market price of XEC crypto is $0.00003322. The 24-hour trading volume increased 3.45%. The market is down by 1.53% in the last 24 hours. The overall market cap of XEC tokens is $645,465,463.
Can eCash Break the resistance of $0.00004515?
eCash’s (XEC) price prediction shows that the bulls have aggressively bought the dip. The market has been trading in fear as the prices keep making new lows. Aggressive selling began when the XEC token broke the support of $0.00002361. It was followed by a sharp drop of 31%, which forced the price to make a new all-time low.
However, the bulls came to the rescue and pulled the price from the bear’s grip. XEC price broke the immediate resistance of $0.00002139 and reached the resistance of $0.00002361. Then it made a pullback at the support, which was followed by a huge pump that shot the XEC coin price up by almost 100% to the resistance of $0.00004515. Since then, the price has corrected 27% to its current market price. The XEC token price has flipped the 200, 9, and 15 EMAs to the upside.
Can the Price Break the Bull Pennant Pattern?
On the 4-hour chat, the market appeared to be in a consolidation phase after the bullish pump. The XEC token price looks bullish in the short term. The price is getting squeezed within a symmetrical triangle pattern. Such a market structure can be identified as a bull pennant, which is a bullish continuation pattern.
The diminishing volume and volatility during a consolidation suggest that the price may start making big moves very soon. The market floats above the 200 EMA, which represents the presence of buying pressure in the market. If the bull pennant pattern witnesses a breakout, the XEC token may start the next leg up towards the price target of $0.00006403, which is a 75% increase from here.
RSI: The RSI indicator is currently at 46.23. This represents bearish to sideways conditions where aggressive selling can be observed if the RSI dips below 30.
MACD: MACD is flat as it moves adjacent with the signal line. The indicator is moving on the 0 line. This shows the market is lacking momentum and the price action is sideways.
200 EMA: On the 4-hour chart, the price is trading above the 200 EMA. This is a bullish sign and an indication that the buyers are in control. The 200 EMA acts as a dynamic support, and the prices may continue to move up until the price breaks below the indicator.
Conclusion:
eCash’s (XEC) price prediction reveals that the market has made a bullish recovery of 150% from its all-time low of $0.00001812. The recent pump has flipped market sentiment to bullish. However, the XEC token price needs to break past the resistance of $0.00004515 to continue its uptrend. Investors may hope that the breakout of the bull pennant pattern will add more confirmation to the uptrend. The market is very volatile, and handling it with a good risk management plan is a beast.
Technical Levels
- The nearest support level: $0.00002987
- The nearest resistance level: $0.00004515
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.