XEC has continued its uptrend at the moment, September 19, following a pointy spike from $0.000022 to a excessive of $0.000028 on September 18. This worth transfer represents an almost 23% enhance.
Although there’s been a slight pullback, its worth stays round $0.000027. In the early hours of at the moment, XEC traded at $0.000027, with a 15% 24-hour worth enhance.
But as of the time of writing, XEC traded at $0.000026, with a 4% decline within the final 24 hours. Nonetheless, its buying and selling quantity stays up by 311% within the final 24 hours, depicting elevated community exercise.
Interestingly, the continuing uptrend has continued over the previous seven days with an over 17% enhance in its worth. The bullish momentum has allowed XEC to retain most of its previous month’s achieve, with an 8% 30-day worth enhance. But what’s driving it, and the way lengthy can it final?
What Is Driving XEC’s Rally And How Long Will The Rally Last?
The eCash ecosystem has witnessed thrilling developments that sparked large investor curiosity prior to now few weeks. These developments is likely to be the driving drive behind XEC’s spectacular efficiency.
One such innovation is the eCash Mainnet integration with RocketX, a crypto-swapping platform. This integration helps customers simply swap a number of cryptocurrencies, together with BTC, ETH, and Cosmos, with the XEC token, thus rising community exercise.
Furthermore, on September 13, eCash builders introduced that PayButton, a web based vendor fee portal, now helps XEC. The upgraded PayButton, initially launched in February 2019, will make it simpler for on-line distributors to watch their funds.
According to the builders, the purpose is to extend eCash utilization on-line. Also, they goal to attain elevated adoption by making eCash user-friendly.
The improve has doubtless spiked the curiosity of traders, given the rise within the international relevance of e-commerce. According to Santiment information, eCash witnessed a 270% uptick in social quantity within the final three days. Also, community improvement has elevated by 120% over the previous seven days.
While these developments boosted XEC’s worth these previous few days, the continuing rally’s longevity stays unsure, given the market’s unpredictable nature. However, the next evaluation may present hints.
Buyers Show Dominance On The Daily Chart: Will Their Charge Sustain XEC’s Rally?
A detailed examination of the each day chart suggests the bulls are decided to facilitate extra features for XEC. Their sturdy market dominance is obvious within the formation of the massive inexperienced candle on the each day chart.
While the token’s worth stays under the 200-day Simple Moving Average, the higher wick of at the moment’s candle has a cost above this worth degree ($0.0000277). This means that the bulls intend to maintain the rally for longer.
Nonetheless, XEC is bullish on the quick time period because the consumers have sustained its worth above the 50-day SMA. This statement additionally confirms an ongoing accumulation of the tokens, resulting in the prevailing worth surge.
Given these technical indicators, the uptrend will proceed if XEC closes above the 200-day SMA within the coming days. Moreover, the Relative Strength Index (RSI) at 64.2, approaching the overbought space, confirms consumers’ dominance.
Additionally, this setup depicts an accumulation part as extra merchants open new lengthy positions forward of additional worth features. The ongoing rally will doubtless persist till XEC attains an overbought situation when consumers attain saturation. However, a retracement after it enters the overbought zone remains to be potential.
Featured picture from Pixabay and chart from TradingView.com