eCash and Bitcoin Cash have the same founders. eCash is built on the fork of bitcoin, but with a more aggressive technological roadmap. 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 eCash. Let us look at the technical analysis of XEC.
<h2><strong>Past Performance</strong></h2>
On September 21, 2021, XEC opened at $0.00020. As of September 27, 2021, the closing price of XEC was $0.00023. Thus, in the past week, the XEC price has been very volatile and has given a very strong movement. In the last 24 hours, XEC has traded between $0.00023-$0.00024.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/i/IoBNorje.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/IoBNorje/">https://www.tradingview.com/x/IoBNorje/</a>
<h2><strong>XEC Technical Analysis </strong></h2>
XEC is trying to break out of the resistance level. In the meantime, XEC has attracted institutional interest as well, due to its aggressive technology. Let us see what the indicators are suggesting for the day ahead and tomorrow;

At the time of press, XEC is trading at $0.00043. The price is down by approximately 1% from the opening price. Thus, indicating selling pressures are slightly high in the market and forming a bearish candle for the day.

On the daily chart, the<strong> MACD and signal lines</strong> are above the zero range. However, the MACD line over the Signal line is forming a bearish crossover. Thus, the overall momentum in the market seems to be losing its grip, and we can expect a price to fall for the day.

However, if buying pressure takes over the selling pressure, we might witness a clear breakout on the upside. Then, the price can test the resistance at $0.00025.

The<strong> RSI</strong> on the daily chart is above the equilibrium zone. It is resisting from its long-term resistance level mark. Currently, RSI is at 57.19%. It has fallen from the 61% mark. It is creating a bearish divergence. Thus, indicating that the selling pressure is mounting up in the market, and is taking over the buying pressure. Hence, for the rest of the day, we can expect the price to fall until the RSI is above the support level.
<h2><strong>Day-Ahead and Tomorrow </strong></h2>
XEC is trading above the <strong>Fibonacci pivot support level</strong> of $0.00022, this was strong support. We can expect a retest at this pivot level. However, if the selling pressure remains the same, the price might break the support to fall more. Here, an opportunity for a short position arises.

The price has tested and fallen from the <strong>FIB retracement level</strong> of $0.00024. If the price rises above this <strong>FIB extension level</strong> in some time, this implies that the price uptrend is strong. In that case, the price upswing is likely to continue tomorrow as well. Then, traders can go long by keeping the target of level $0.00026 and stop-loss at $0.00022.

XEC Technical Analysis: Trading Above the Fibonacci Pivot Support Level of $0.00022

XEC expect a retest at this pivot level, however, if the selling pressure remains same, the price might break the support to fall more. Here, opportunity for a short position arises. The price has tested and fallen from the FIB retracement level of $0.00024. If the price rises above this FIB extension level in some time, this implies that the price uptrend is strong. In that case, the price upswing is likely to continue tomorrow as well. Then, traders can go long by keeping the target of level $0.00026  and stop loss at $0.00022. 

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

XEC Technical Analysis: Trading Above the Fibonacci Pivot Support Level of $0.00022

Top Picks