- The XEC crypto price has declined by 61% since April, showing sellers’ dominance.
- eCash might trigger bullish momentum as it has departed from the primary support level of $0.0000250.
XEC crypto price witnessed a massive surge of 200% in the first 3 days of March. However, it failed to hold high and dumped by more than 50% of its gain on the same day. The buyers tried to gain momentum in the first week of April, but sellers dominated and dragged down the price.
The eCash crypto price has declined for the past few months by generating lower lows and lower highs. According to the chart, the $0.0000440 was the major support level at press time. The price triggered a breakdown from the major support level after 5 attempts.
eCash crypto was traded at $0.0000296 at press time with an intraday gain of 1.47%. The market capitalization was $584.37 Million, while the 24-hour trading volume was $12.69 Million. The circulating supply is 19,725,029,673,091 XEC, and the total supply is 21,000,000,000,000 XEC.
Is The eCash Price Looking for a 130% Target?
A source on X suggests that the XEC crypto price is gaining bullish momentum. The major support has been confirmed at the $0.0000250 mark, and the price has departed from this zone.
$XEC is gaining momentum. The primary support at around 0.000025$ has been confirmed. Now, it’s all geared up to surpass our next target of 0.000067$ if Bitcoin stays bullish during this period.
— Decilizer (@decilizer) July 6, 2024
The previous rally showed a 310% increase. pic.twitter.com/TpMWnPjkxc
At press time, BTC was looking for a reversal, which may help the XEC crypto price extend to the first target of $0.0000670. It needs to gain 130% to achieve its target.
XEC Price Technical Analysis Over 1-D Timeframe
The eCash crypto price has formed a hammer candlestick pattern at the bottom in a daily time frame. It is a bullish candlestick and may result in a reversal. The price has gained around 20% in the past few hours at press time.
After a consolidation of 2 weeks, the eCash price triggered a breakdown but failed to continue. However, sellers seem trapped below the $0.0000300 hurdle, which may push the price up.
Suppose the digital asset price manages to surpass the $0.0000300 mark, it may approach the 20-day EMA. The price over the 20-day EMA may lead to a strong bullish momentum. The increase in the volume may trigger bullish momentum and support the buying potential.
On the other hand, if the eCash price fails to exceed the $0.0000300 level, sellers may continue the recent trend. The price below the $0.0000260 may attract sellers for a new all-time low.
Technical Indicators
RSI is 34 and has developed a bullish crossover with the RSI-based moving average. Despite the strong bearish momentum, the MACD has formed green histograms. Overall, the technical indicators have favored a bullish forecast at the time of writing.
Bulls’ Bounce Back of Sellers’ Domination?
The XEC price has witnessed intense selling pressure in a broader time frame. However, the price has formed a hammer candlestick pattern almost at the bottom. The technical indicators are in favor of buying momentum. The price over the 20-day EMA may lead to bullish momentum, and it may invite more sellers below it.
Technical Levels
The bullish momentum in XEC crypto may disturb near the $0.0000330 and $0.0000400 levels. The price may take support at the $0.0000265 and $0.0000220 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
