XEC has continued its uptrend in the present day, September 19, following a pointy spike from $0.000022 to a excessive of $0.000028 on September 18. This value transfer represents an almost 23% enhance.
Though there’s been a slight pullback, its value stays round $0.000027. Within the early hours of in the present day, XEC traded at $0.000027, with a 15% 24-hour value enhance.
However as of the time of writing, XEC traded at $0.000026, with a 4% decline within the final 24 hours. Nonetheless, its trading volume stays up by 311% within the final 24 hours, depicting elevated community exercise.
Apparently, the continued uptrend has endured over the previous seven days with an over 17% enhance in its value. The bullish momentum has allowed XEC to retain most of its previous month’s achieve, with an 8% 30-day value enhance. However what’s driving it, and the way lengthy can it final?
What Is Driving XEC’s Rally And How Lengthy Will The Rally Final?
The eCash ecosystem has witnessed thrilling developments that sparked large investor curiosity up to now few weeks. These developments could be the driving pressure 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 growing community exercise.
Moreover, 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 observe their funds.
In response to the developers, the objective is to extend eCash utilization on-line. Additionally, they purpose to realize elevated adoption by making eCash user-friendly.
The improve has probably spiked the curiosity of traders, given the rise within the world relevance of e-commerce. In response to Santiment data, eCash witnessed a 270% uptick in social quantity within the final three days. Additionally, community improvement has elevated by 120% over the previous seven days.
Whereas these developments boosted XEC’s value these previous few days, the continued rally’s longevity stays unsure, given the market’s unpredictable nature. Nonetheless, the next evaluation might present hints.
Consumers Present Dominance On The Every day Chart: Will Their Cost Maintain XEC’s Rally?
An in depth examination of the daily chart suggests the bulls are decided to facilitate extra beneficial properties for XEC. Their robust market dominance is clear within the formation of the massive inexperienced candle on the each day chart.
Whereas the token’s value stays beneath the 200-day Easy Transferring Common, the higher wick of in the present day’s candle has a cost above this value stage ($0.0000277). This implies that the bulls intend to maintain the rally for longer.
Nonetheless, XEC is bullish on the brief time period because the patrons have sustained its value above the 50-day SMA. This statement additionally confirms an ongoing accumulation of the tokens, resulting in the prevailing value surge.
Given these technical indicators, the uptrend will proceed if XEC closes above the 200-day SMA within the coming days. Furthermore, the Relative Power Index (RSI) at 64.2, approaching the overbought space, confirms patrons’ dominance.
Moreover, this setup depicts an accumulation part as extra merchants open new lengthy positions forward of additional value beneficial properties. The continuing rally will probably persist till XEC attains an overbought situation when patrons attain saturation. Nonetheless, a retracement after it enters the overbought zone continues to be doable.
Featured picture from Pixabay and chart from TradingView.com
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