XEC Price Remained Bearish Since April and Has Lost 55% Till July
- WBOYOriginal
- 2024-07-28 03:03:09366browse
Based on the chart structure, the XEC price has remained bearish since April and has lost 55% till July. The price dropped below the 200-day EMA in June
XEC crypto price gained momentum and recovered from the bottom support level. A buying signal is also generated in the eCash crypto.
After displaying a bearish trend since April, the XEC price encountered a crucial support level in early July, sparking a buying signal. The price dropped lower, displaying a massive candle with a long lower wick, indicating strong buying pressure at the bottom. This buying pressure halted the bearish trend and triggered a bullish momentum.
After forming a hammer candlestick at the bottom, indicating bullish momentum, the XEC price surged by 53% in 22 days. The price is gearing up for a massive upmove and ready to cross the first target of $0.000067 if the BTC price maintains bullish momentum.
A source on X claimed that the XEC price jumped by 10.08% in just 4 hours, indicating clear involvement. This momentum cleared the trend and got a bullish outlook from this source.
According to a broader time frame, the eCash price showcased bearish momentum and continued declining, forming lower lows and lower highs. The price entered the lower low territory in the first week of July and returned to the lower high zone.
After reaching the lower high zone, the sellers dragged down the price by 15% in a week. However, it failed to continue the bearish momentum and took support on the 20-day EMA.
After taking support on the trendline, the eCash price showed a pullback. Now, the digital asset price generated a pullback and crossed the last swing high. If the XEC price manages to cross the 200-day EMA with an increase in trading volume, we can expect buying momentum.
On the other hand, a price below $20-day EMA might invite sellers to eye for a new lower low. Once the price drops below the $0.0000300 hurdle, it could be challenging for the buyers.
According to the technical indicators, the XEC price crossed the 20-day EMA and is excited for the 200-day EMA.
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