The cryptocurrency eCash (XEC) has recently witnessed a remarkable surge in trading, experiencing a significant rise of 58% within a single day.
Currently trading at $0.0000365, eCash has established a support level at $0.00003 and is now eyeing a breakthrough above the $0.00004 level which seems likely over the upcoming days after the broader market momentum continues.
The technical analysis reveals that eCash is currently trading above both the 200-day simple moving average (SMA) and the 50-day SMA, indicating positive price momentum. Additionally, in the past 30 days, eCash has had 17 days of positive price movement (57% of the time), further highlighting its upward trajectory.
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As of June 30, 2023, the prevailing sentiment surrounding eCash’s price prediction is predominantly bullish. A total of 22 technical analysis indicators have signaled bullish signals, while 5 indicators have shown bearish signals. This overall bullish sentiment suggests that market participants are optimistic about eCash’s future price performance.
Why eCash is surging
The eCash blockchain, is a spin-off from the Bitcoin Cash blockchain, which was, itself, the result of a split from Bitcoin.
With the recent news of Bitcoin Cash (BCH), the predecessor of eCash’s XEC coin, doubling in value over the course of a week, supporters of eCash are likely optimistic about its potential for similar growth.
The eCash network operates on a Proof-of-Stake (PoS) blockchain, distinguishing it from Bitcoin and several of its derivatives that rely on the Proof-of-Work (PoW) consensus mechanism. In the eCash PoS model, individuals are selected to validate transactions and append blocks to the blockchain based on the amount of XEC they possess.
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