XEC Price Prediction: Breakout Rally in XEC Network Eyes $8
The post XEC Price Prediction: Breakout Rally in XEC Network Eyes $8 appeared first on Coinpedia Fintech News
With the crypto market facing high liquidations as Bitcoin reverts to $66K, some altcoins find a surprising moment of recovery. As the bull cycle in the eCash finds momentum during the market pullback, the XEC price trend teases a breakout run this week.
Will the bullish breakout in the XEC price lead to a trend reversal this week, or is a downfall imminent amid a market pullback? Let’s take a closer look at the eCash price analysis for a clearer view of the upcoming trend.
Double Bottom Reversal & Trendline Break For XEC
Starting a recovery from the $0.0000277 support level, the XEC price surge accounts for a 45% rise in 25 days. The recent bull cycle approaches the overhead trendline and crosses above the $0.000040 mark.
Surpassing the 50D EMA with the recent bounce from the support trendline, XEC price challenges the 200D EMA. Further, the recovery influences an uptick in the 50D EMA, teasing a golden crossover.
Currently, the altcoin trades at $0.00004046 with an intraday move of 0.65% following last night’s surge of 4.31%. However, the higher price rejection from the 200D EMA limits the bull run ahead.
Technical Indicators:
RSI: The daily RSI line shows an uptrend on the verge of crossing the overbought boundary. Hence, the momentum indicator maintains a bullish viewpoint but hints at a minor pullback before continuing the recovery trend.
EMA: The bullish breakout of the 200D EMA will be the defining moment in the eCash trend reversal rally.
Will XEC Price Break The Trendline?
As the broader market will likely improve in the coming days this week, the XEC price could find an additional boost to break the triangle. With the breakout run, eCash could easily surpass the $0.000050 psychological mark.
According to the Fibonacci retracement level over the previous correction, the XEC price can hit the $0.000080 mark.
