XEC Continues Uptrend with Increased Network Activity
XEC has experienced a significant uptrend, with a nearly 23% increase in its price from $0.000022 to a high of $0.000028 on September 18. Although there has been a slight pullback, the price remains around $0.000027, with a 15% 24-hour price increase.
Currently, XEC is trading at $0.000026, reflecting a 4% decline in the last 24 hours. However, its trading volume has surged by 311% in the same period, indicating increased network activity.
What’s Driving XEC’s Rally and How Long Will It Last?
The recent rally of XEC can be attributed to exciting developments within the eCash ecosystem that have sparked investor interest. One such development is the integration of eCash Mainnet with RocketX, a crypto-swapping platform, allowing users to easily swap cryptocurrencies using the XEC token.
In addition, PayButton, an online vendor payment portal, now supports XEC, making it more convenient for online vendors to monitor their payments. These upgrades aim to increase eCash usage online and promote user-friendly adoption.
These developments have attracted investors’ attention as e-commerce continues to gain global relevance. Data shows an uptick in social volume and network development for eCash in recent days.
Buyers Show Dominance: Sustaining XEC’s Rally
An analysis of the daily chart reveals that buyers are driving the rally for XEC. The formation of a large green candle indicates their market dominance. Although the token’s price remains below the 200-day Simple Moving Average (SMA), today’s candle has a charge above this level, suggesting that the bulls aim to sustain the rally.
Furthermore, XEC remains bullish in the short term as its price stays above the 50-day SMA, indicating ongoing accumulation and price surge. If XEC closes above the 200-day SMA in the coming days, the uptrend is likely to continue. The Relative Strength Index (RSI) at 64.2 also confirms buyers’ dominance.
As more traders open new long positions, the ongoing rally may persist until XEC becomes overbought, at which point a retracement is possible.
Hot Take: XEC’s Rally Fueled by Exciting Developments
The recent rally of XEC can be attributed to several exciting developments within the eCash ecosystem. The integration with RocketX and PayButton has increased network activity and attracted investor interest. With e-commerce gaining global relevance, these upgrades aim to boost eCash usage online and make it more user-friendly.
While the longevity of the rally remains uncertain due to market unpredictability, technical indicators suggest that buyers are dominant and determined to sustain XEC’s uptrend. As long as XEC continues to close above key moving averages and shows signs of accumulation, the rally is likely to continue. However, caution should be exercised as an overbought condition may lead to a retracement in the future.
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