• eCash price is trading in the red after recording 10% gains between Sunday and Monday.
• eCash (XEC) has recorded a 50% upturn and flipped key levels into support, including the $0.000024 major support level, the 50-day SMA at $0.00002461, and the 100-day SMA at $0.00002968.
• The eCash bulls must maintain the price above the $0.000027 – $0.000030 demand zone to sustain the recovery.
The eCash price is trading in the red, despite recording impressive gains between Sunday and Monday. XEC, formerly known as Bitcoin Cash ABC (BCHA), climbed to a high of $0.0000351 on Monday, leading to a 16% increase. At the time of writing, the eCash price was trading at $0.000032, up only 0.08% on the day. The 24-hour trading volume for XEC is up 17% to $52,038,198, and its live market cap is currently at $630,906,138, placing it at #70 on CoinMarketCap ranking.
The recent uptick in the eCash price saw it coil up above the $0.000021 support line and embark on a recovery, eventually leading to the creation of an ascending parallel channel on the daily chart. The XEC price has risen above key levels, 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.
The most important achievement for the eCash bulls has been overcoming supplier congestion from the $0.000027 – $0.000030 price range. Note that XEC consolidated within this range between November 12 and December 15 before dropping below it, recording 22% losses to seek solace from the $0.00002148 support floor. Therefore, for the eCash recovery to be sustained, the price must remain above this key demand zone. If it drops back below the $0.000027 – $0.000030 range, the altcoin may be set for more losses in the coming days.