XEC Price Faces Multiple Hurdles Before 2x Breakout Surge
The post XEC Price Faces Multiple Hurdles Before 2x Breakout Surge appeared first on Coinpedia Fintech News
With a bullish attempt to make a comeback this year, the XEC price trend shows a recovery rally in motion. However, the recovery trend is about to face multiple resistances along the way.
Further, the broader market conditions warn of a surge in bearish sentiments in the altcoins segment. So, will the XEC price sustain the bull run in motion or take a dip under the 50-day EMA? Let’s take a closer look at the eCash price analysis for a clearer view of the ongoing trend.
XEC Price Recovery Rally Takes A Quick Sideways Turn
In the daily chart, the eCash price trend shows a triangle pattern formation with the help of ongoing recovery. The recovery rally surpasses the 50-day EMA and faces opposition from the 200-day EMA.
The overhead rejection results in a sideways movement between the 200-day EMA and the 50-day EMA, post death cross. Further, the XEC price action approaches the bottleneck portion of the triangle pattern.
Currently, the altcoin trades at $0.00003876 with an intraday gain of 4.19% in an attempt to undermine the 5% drop last night. With a bullish candle formation, the sustenance above the 50-day EMA teases a bullish outcome.
Technical Indicators:
RSI: The daily RSI line maintains a positive flow and continues approaching the overbought boundary with an uptick.
MACD: Following the bullish crossover, the MACD and signal lines sustain an uptrend above the halfway line.
Hence, the momentum indicators support a positive trend possibility in the XEC price.
Will eCash Surpass 200-day EMA?
Acting as the overhead dynamic resistance, the 200-day EMA is a crucial supply area in XEC price action. However, a push from broader recovery and a potential uptrend continuation could exceed the average line. Further, this will increase the triangle breakout chances.
According to the Fibonacci retracement levels, the eCash price can hit the 100% Fib level at the $0.000080 mark.
