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- The XEC price action is forming a potential descending triangle pattern, which could lead to a breakout.
- The long-to-short ratio and liquidated positions suggest a bullish sentiment among derivatives traders.
eCash (XEC) is the rebranded version of Bitcoin Cash ABC (BCHA). After rebranding, it converted all BCHA coins into XEC at a ratio of one BCHA to one million XECs.
After the conversion, the max supply increased to 21 Trillion. Out of them, 94.07% tokens (precisely 19.754 Trillion XECs) were in circulation. Its market cap was $624.88 Million at press time. The market dominance of crypto was 0.03%, and it is one of the top 100 cryptos.
Recently, it was one of the top 10 gainers alongside other cryptocurrencies that were green in the past 24 hours. The XEC Price gained 5.45% intraday and traded at $0.00003171. The intraday volume triggered more than 350%, amounting to $25.66 Million, signifying increased demand.
The eCash crypto has followed a long trading range in the third quarter of 2024, despite the first quarter’s spectacular surge. As of writing, its price has come down to the last month of the third quarter and has been under the downward trendline.
The price has built consistent three green candles piercing 20-day EMA band. The bullish presence from the demand zone and dynamic trendline resistance have prepared its price in a narrow corner.
It has been accumulating for a while, enabling it to break ahead. Based on higher bullish interest, the pattern could turn into a descending triangle pattern.
XEC Price Derivatives Data
The derivatives inflow has surged more than 360%, amounting to $15.09 Million. This has exhibited that the demand for derivatives trading activity in eCash token has advanced.
The number of contracts has advanced by 40.71%, amounting to a total of 2.86 Million OIs. This highlights that the traders are optimistic for a certain direction and for a certain duration of the price.
The long-to-short ratio of 24 hours was 1.0305, displaying the heavier weight of bulls than bears intraday. The liquidated longs positions in eCash crypto amounted to a mere $0.35, while shorts surged higher, amounting to $4.36K.
That data shows a larger number of short positions in XEC have been unwinded in the last 24 hours. This exhibited that more number of short positions have got their stop loss hit, leading to the advances in the eCash price.
XEC Price Indicator Overview
With a bullish candle formation, the sustenance above the 20-day EMA teases a bullish outcome.
The overhead dynamic resistance of the 50-day EMA is crucial in XEC price action. However, a push could exceed the moving average line. Further, this will increase the triangle breakout probability.
Based on the breach of the 50-day EMA, the 200-day EMA also needs to be monitored. Over successful breach above both the bands, and a positive trend possibility in the XEC price could advance.
Following the bullish crossover, the gap between MACD and signal lines has started to advance despite the price being in negative territory.
The daily RSI line maintained a positive flow and breached the median line with 14-SMA smoothened line support. The RSI was at 50.02. If it continues approaching the overbought boundary, an uptick could be seen ahead.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
