After a recent retracement phase, the price of eCash, a prominent cryptocurrency Bitcoin’s fork, is now entering a recovery phase. This upward movement occurred on Thursday when bullish investors showed strong determination, driving the price above the robust 200-day simple moving average on the daily price chart.
Despite an overall slightly bearish sentiment in the cryptocurrency market, eCash (XEC) has managed to grab attention and emerged as the top gainer of the day, recording an impressive 15% increase in value.
Despite Bitcoin’s approach to the $30,000 support level, the price of eCash (XEC) is currently moving toward a monthly high of $0.000045. The Correlation Coefficient indicator, which stands at 0.5, suggests a weak relationship between Bitcoin and XEC, indicating that XEC may experience increased buying pressure throughout the week.
As of now, the trading price of eCash (XEC) stands at $0.00003650, reflecting an impressive overnight gain of 15%. CoinMarketCap reports a significant increase in buyer accumulation activity, with trading volume surging over 450% in the past 24 hours. This surge in buying activity could potentially lead to a further gain of 20% in the near future.
Once again, bulls are making a strong push to control the price of eCash (XEC) after finding solid support from the 200-day simple moving average. However, it’s worth noting that the significant exponential moving averages (EMAs), including the 20, 50, 100, and 200 EMAs, may act as potential obstacles to any sharp decline in price.
Moreover, the RSI indicator is displaying a series of higher lows above the bullish trendline and is on track to enter the overbought zone this week. This indicates that buyers have an opportunity to retest the previous high of the past 20 days.
