YEREVAN (CoinChapter.com) – ECash (XEC), the rebranded version of Bitcoin Cash ABC (BCHA), gained 9% $0.00005673 in the previous 24 hours, even as its rivals bled.
However, the ECash bulls may not have enough time to reap the rewards, as the token forms a Bear Flag setup.
ECash (XEC) daily chart
The Bear Flag typically occurs after a sharp downward move. It features a period of consolidation between two parallel trendlines that takes the price slightly higher before continuing on a bearish path. The formation originated on May 11, after a nearly 40% plunge.
ECash (XEC) daily chart featuring a Bear Flag. Source: TradingView.com
Moreover, the setup’s target drop equals the decline preceding the Flag, i.e., the flagpole. In the case of XEC, the target price stood at approximately $0.00002662, or over 50% lower than the current value. Additionally, the trading volumes on the daily chart have declined on June 7, after the previous day’s soar.
In detail, weakening trading volumes signal growing passivity among investors. Typically, it indicates insufficient weight behind the uptrend and hints at a looming rally halt or a decline. However, the reasons behind the upside move are noteworthy.
What prompted XEC’s jump?
ECash token’s upside move came from an upgrade on crypto exchange KuCoin. The platform launched XEC deposit and withdrawal services, as it announced early on Tuesday.
📢 Good News! @kucoincom has completed the eCash network upgrade. eCash $XEC deposit & withdrawal services are now open.
The platform announced another upgrade on June 7. ECahs’s wallet Electrum ABC released its 5.2.1 version, with several bug fixes and an “update to the BIP71 headers.”
🆕 Electrum ABC 5.1.2 is now available!
🌟 This release brings bug fixes, improvements, and includes an update to the BIP71 headers making #ElectrumABC compatible with other eCash wallets such as @badger_cash & #RaiPay.
Moreover, the ECash token’s bullish price action caught the community’s attention. According to the crypto data collector Lunar Crush, XEC social engagement spiked 3,950% above the average weekly hits yesterday, arranging nearly 3.5 million mentions.
📊INSIGHT$XEC social engagements measured hourly hit 638.46K, 3.95K% above the 7-day average!
Lilit is a Yerevan-based Markets writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience.
SOL prices jumped more than 41% over the last seven days. The token likely reacted to news of Solana's...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
