Price Analysis
  • Sohrab Khawas
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    Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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XEC Price Faces Multiple Hurdles Before 2x Breakout Surge

With a bullish attempt to make a comeback this year, the XEC price trend shows a recovery rally in motion. However, the recovery trend is about to face multiple resistances along the way. 

Further, the broader market conditions warn of a surge in bearish sentiments in the altcoins segment. So, will the XEC price sustain the bull run in motion or take a dip under the 50-day EMA? Let’s take a closer look at the eCash price analysis for a clearer view of the ongoing trend. 

XEC Price Recovery Rally Takes A Quick Sideways Turn 

In the daily chart, the eCash price trend shows a triangle pattern formation with the help of ongoing recovery. The recovery rally surpasses the 50-day EMA and faces opposition from the 200-day EMA.

The overhead rejection results in a sideways movement between the 200-day EMA and the 50-day EMA, post death cross. Further, the XEC price action approaches the bottleneck portion of the triangle pattern. 

Currently, the altcoin trades at $0.00003876 with an intraday gain of 4.19% in an attempt to undermine the 5% drop last night. With a bullish candle formation, the sustenance above the 50-day EMA teases a bullish outcome. 

Technical Indicators:

RSI: The daily RSI line maintains a positive flow and continues approaching the overbought boundary with an uptick. 

MACD: Following the bullish crossover, the MACD and signal lines sustain an uptrend above the halfway line. 

Hence, the momentum indicators support a positive trend possibility in the XEC price.

Will eCash Surpass 200-day EMA?

Acting as the overhead dynamic resistance, the 200-day EMA is a crucial supply area in XEC price action. However, a push from broader recovery and a potential uptrend continuation could exceed the average line. Further, this will increase the triangle breakout chances. 

According to the Fibonacci retracement levels, the eCash price can hit the 100% Fib level at the $0.000080 mark. 

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