-eCash price is trading in the red after recording 10% gains between Sunday and Monday.
-The gains for XEC were as high as 16% on Monday alone when the altcoin, formerly known as Bitcoin Cash ABC (BCHA), climbed to a high of $0.0000351.
-eCash needs to hold above the $0.000027- $0.000030 demand zone to sustain the recovery.
The digital currency, eCash, is currently trading in the red after recording significant gains between Sunday and Monday. During this time, the altcoin, formerly known as Bitcoin Cash ABC (BCHA), achieved as much as 16% gains in one day, reaching a high of $0.0000351. At the time of writing, the eCash price is trading at $0.000032, up only 0.08% on the day. The trading volume for XEC is up 17% in the last 24 hours to $52,038,198, with a live market cap of $630,906,138, placing it at #70 on CoinMarketCap ranking.
In order to sustain the recovery, eCash needs to hold above the $0.000027 – $0.000030 price range. This range acted as supplier congestion between November 12 and December 15 before dropping below it, causing eCash to lose 22% of its value and seeking solace from the $0.00002148 support floor. Therefore, it is crucial that XEC stays above this demand zone.
In addition, the eCash price has managed to overcome key levels by flipping them into support. These include the $0.000024 major support level, the 50-day simple moving average (SMA) at $0.00002461, and the 100-day SMA at $0.00002968. This has allowed for an ascending parallel channel to be created on the daily chart.
If eCash manages to hold above the $0.000027 – $0.000030 demand zone, it would be an encouraging sign for the bulls and could potentially allow for XEC to continue its recovery. However, if it fails to do so, it could lead to further losses for the digital currency. Therefore, it is essential for investors to keep an eye on the eCash price in order to make informed trading decisions.