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Vikram
Jul 6, 2022
by Vikram

XEC Technical Analysis: Trendline Breakout Prepares A Bull Run 

XEC Technical Analysis

Table of contents

  1. XEC Technical Analysis
  2. Upcoming Trend
XEC Technical Analysis shows a bullish breakout of the resistance trendline teasing a price jump to the next resistance level at $0.000065.

Key Technical Points:

  1. XEC prices skyrocketed by 12.73% on the  4th of July, resulting in the wedge breakout.

  2. The price action shows a resistance trendline breakout.

  3. The 24-hour trading volume of eCash is $61.64 Million, indicating a rise of 250%.

    4. Past Performance of XEC

    The XEC price action reflects the start of a new bullish trend after a downtrend within a long-coming resistance trendline. However, the bullish reversal comes with a double bottom formation with a neckline at $0.000045. Hence, the technical chart shows the market price ready to surpass the neckline shortly.

    TradingView Chart

    Source - Tradingview

    XEC Technical Analysis

    The trendline breakout rally prepares to push the XEC prices above the $0.000045 neckline as the bullish trend momentum increases. Hence, traders can shortly find an entry spot to ride a new bull run.

    The MACD indicator showcases sustained buying from traders as the fast and slow line gradually rises towards the midline. A potential crossover could offer an extra edge for long traders.

    The RSI indicator trending higher indicates growth in underlying bullishness. In addition, the indicator slope enters the bullish territory, which hints at an improvement in the underlying sentiments. Hence, the technical indicators bolster the price action analysis and indicate a better confirmation of the prolonged bullish rally.

    In a nutshell, the XEC technical analysis reflects a bullish breakout from the double bottom pattern, propelling a new recovery rally.

    Upcoming Trend

    If the buying pressure persists, the XEC price will likely reach the near resistance of $0.000065 to bolster further growth. On the opposite end, failing to surpass the neckline will result in a price drop to $0.000035.

    Resistance Levels: $0.000045 and $0.000060

    Support Levels: $0.000035 and $0.000030

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    XEC eCash XEC Technical Analysis
    XEC Technical Analysis: Trendline Breakout Prepares A Bull Run 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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