eCash (XEC) price has gone parabolic but something smells fishy

July 01, 2023 04:20 PM AEST | By Invezz

eCash (XEC) price has gone parabolic but something smells fishy — Image source: Invezz

eCash price prediction

The daily chart shows that the XEC price went parabolic in the past few days. It has risen in the past three straight days and is now hovering near the highest level in months. The coin has moved above all moving averages. While volume is higher than its historical average, there are signs that it is fading.

The Relative Strength Index (RSI) and other technical oscillators have moved to the overbought level. Therefore, since there is no major eCash news, and since most of this volume is coming from a single exchange, there is a likelihood that this rally will not hold.

As such, I suspect that the coin will retreat sharply in the coming days as the momentum fades. If this happens, the next important support level to watch will be at $0.000032, which is about 25% below the current level.

On the other hand, a move above this week’s high of $0.000045 will signal that there are still more buyers in the market.

The post eCash (XEC) price has gone parabolic but something smells fishy appeared first on Invezz.

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