eCash Price Prediction As XEC Trades At $0.000032 Above A Key Level
eCash price is trading in the red after recording 10% gains between Sunday and Monday. The gains for XEC were as high as 16% on Monday alone when the altcoin, formerly known as Bitcoin Cash ABC (BCHA), climbed to a high of $0.0000351.
At the time of writing, the eCash price was trading at $0.000032, up only 0.08% on the day. XEC’s trading volume is up 17% in the last 24 hours to $52,038,198 with a live market cap of $630,906,138, placing it at #70 on CoinMarketCap ranking.
eCash Price Needs To Hold Above The $0.000027 – $0.000030 Demand Zone
After coiling up above the $0.000021 support line, eCash (XEC) embarked on recovery on January 4, rising 50% to the current levels, leading to the creation of an ascending parallel channel on the daily chart.
This uptick saw the XEC price rise above key levels, flipping them into support. These include the $0.000024 major support level, the 50-day simple moving average (SMA) at $0.00002461, and the 100-day SMA at $0.00002968.
Perhaps the most important achievement for the eCash bulls was overcoming supplier congestion from the $0.000027 – $0.000030 price range. Note that XEC consolidated within this range between November 12 and December 15 before dropping below it, recording 22% losses to seek solace from the $0.00002148 support floor.
Therefore, eCash must hold above this zone to sustain the recovery. Otherwise, dropping back toward this zone may put the token at risk of further losses.
XEC/USD Daily Chart
The moving averages were facing up and the moving average convergence divergence (MACD) indicator was moving deeper into the positive region away from the neutral line. This suggested that the uptrend was still strong and that the XEC price may continue rising.
Therefore, a daily candlestick close above the $0.000034 psychological level would see the eCash token rise to confront resistance from the $0.0000358 barrier, where the 200-day SMA and the upper boundary of the ascending channel meet.
Overcoming this hurdle would open the way for a climb to the $0.00003992 major resistance level or higher toward the October 8 swing high at $0.00004823. This would represent a 47.14% ascent from the current price.
On the downside, a daily candlestick close below the lower boundary of the prevailing chart pattern at $0.00003103 would pull XEC back into the aforementioned price range. Traders could expect the price to consolidate here for a few days.
However, increased selling pressure from this zone could see eCash drop further first toward the 50-day SMA at $0.00002641 and later to the $0.00002148 demand zone or the lower boundary of the channel at $0.00001960.
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