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Guided by the academic vision of legendary economist Milton Friedman, eCash (XEC) follows through on key blockchain scaling promises. An innovative Avalanche consensus layer and its own token layer are unique technical highlights of eCash. eCash also aims to introduce features never before seen in a Bitcoin project such as staking, fork-free network upgrades, and subchains.
Let us look at the technical analysis of XEC.
XEC is a relatively new coin when it comes to trading. It has been only about 4 months since XEC’s debut in the crypto market. The price has not shown any extraordinary fluctuations over the last month. The last week has shown a few alternate increases and decreases in the price.
The weekly change was 4.73%, with the coin opening on November 6, 2021, at $0.0001945 and closing on November 12, 2021, at $0.0002037. The 24-hr high was $0.0002198, while the 24-hr low was $0.0001949.
XEC Technical Analysis
Following a pattern similar to the previous week, the trading price today is showing bearish signals after two days of bullish closing. The current trading price is $0.0002019 which is 0.59% down as compared to the previous day’s close.
Just like the price chart, the OBV graph is also showing that the selling pressure is higher than the buying pressure today, which may push the price further downwards in the day.
The RSI, on the other hand, is moving close to equilibrium, currently at 52.75. This is a neutral signal, indicating that the traders may hold their current position. This is because a neutral signal in RSI means that the bulls and bears have equal chances of dominating the market.
The MACD graph is moving currently below the equilibrium level. However, the fast and the slow line, both are positive, and the height of the histogram has remained fairly constant, which is a positive signal.
XEC (eCash) is scheduled to undergo a network upgrade at 12:00 on Nov 15, 2021 (UTC).
In collaboration with Swap Space Co, eCash has announced a giveaway for 250,000 XEC coins. The details of the giveaway have been provided here.
Day-Ahead and Tomorrow
Because of the efforts of network engineers and community investors, the value of eCash will rise. As a result, the forecasted price for 2021 is optimistic. It can be predicted that XEC will reach a minimum price level of $0.00027025 before the end of 2021. Thus, there is a strong likelihood that the eCash’s future will improve.
If we look at the Fibonacci Numbers, we can see that the price is currently being tested at the pivot at $0.00020175. Earlier, it took a turn from the pivot at $0.000185. The next Fib level is at $0.0002121.
Thus, the overall signal from the indicators is neutral. It is advisable for the traders to hold their current positions and look for a clear indication before making a call. Meanwhile, they can keep a target at $0.00022923, and keep a stop-loss at $0.00018444.