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Leading digital money project eCash (XEC) has exploded +18% over the last 48-hours, as excitement for On-Chain staking upgrade grows amongst the eCash army – but is it too late to buy eCash?
The impressive pump comes amid a flurry of activity for eCash, which has seen on-chain trading volumes surge +1,455% over the past 24-hours according to data from CMC.
As a prominent Bitcoin fork project; a reincarnation of Bitcoin Cash ABC, XEC is making waves with the promise of being the first Bitcoin-linked project to offer On-Chain staking rewards.
And this excitement is at a time of heightened interest in Bitcoin and derivative projects such as Stacks (STX) which has also seen an explosive +2.15% move over the past 24-hours, and the Bitcoin BSC presale which exploded past $3m earlier today.
XEC Price Analysis: Is it Too Late to Buy eCash Amid Price Pump?
With price action pushing up, eCash is currently trading at a market price of $0.00002651 (representing a 24-hour change of +4.74%).
This comes following the sensational +18% move, which was triggered by a significant influx of trading volume stemming from increased promotion of the upcoming on-chain staking rewards on Crypto Twitter.
XEC’s 200DMA put the brakes on the upside move at the $0.0000275 price level – which now forms a key level of local resistance to crack.
However, with price action smashing through a 65-day long ceiling of resistance from the 20DMA to establish firm under-footing – technical structure appears to be strengthening.
With price now primed for a run at the 200DMA, XEC’s RSI indicator has heated-up substantially, shifting to an over-bought signal at 61.44.
Such a high reading on the RSI represents bearish divergence, and could suggest that a further retracement or a prolonged period of consolidation is on the cards.
Yet, the MACD contrasts this flipping to minor bullish divergence at 0.000000046.
Overall, with strong fundamentals stemming from the upcoming roadmap, the surge in XEC volume has seen eCash technical structure strengthen – poised for a run at the 200DMA – but awaiting an RSI cool-down.
This leaves XEC with an upside target at $0.000033 (representing a potential +26.38%)
While downside risk could see XEC tumble back to the 20DMA down at $0.0000235 (a likely -10.27%).
eCash therefore carries a risk: reward ratio of 2.57 – a good entry, and certainly not too late to buy XEC.
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.Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
This article first appeared at Cryptonews
