eCash Returns to Aug 2021 Levels; Can XEC Reclaim Previous Highs?
eCash is the subsequent development of the Bitcoin Cash ABC that was forked away from the original Bitcoin & BCH. Bitcoin Cash came into existence after a split among the supporters of Bitcoin in August 2017. The split resulted in a 1:1 exchange value for each BTC.
Thus, BCH supported the further enhancement of this blockchain as a payment method sustaining the technical elements of the original Bitcoin blockchain. This ideological division led to two more splits creating BCH and eCash in 2018 and 2020, thus creating the scenario behind the transformation of eCash into XEC tokens.
It was November 15, 2020, when Bitcoin Cash forked. In the later years, the eCash token was rebranded to XEC. XEC, a newly developed blockchain, added an innovative new consensus named Avalanche while introducing concepts such as staking and Free network upgrades.
About 91% of XEC tokens have already been issued, with the development team holding a minute supply. Market capitalization based on its current trading value of $0.00003844 has been limited to $733,986,682. The total supply of XEC tokens jumped to 21,000 billion after the redenomination of 1,000,000 tokens for each BCHA user held earlier.
eCash has been moving in a negative trend, and having reached its pre-breakout level; there can be a longer consolidation before this token takes off the ground. To know the future of eCash, explore our eCash price prediction.
XEC token went on a bull run showcasing a significant jump since August 14, 2021, marking an impressive bull run. As August ended, XEC started to witness significant profit booking, causing a huge decline in valuation in the following months, and this downfall continued till February 2022.
In the next two months, eCash again attempted a bull run and spiked to $0.000128, and a significant momentum was noticed. This strong buying rally wasn’t enough to incite a sustainable buyer sentiment. Thus XEC was able to mark a jump in its valuation in just two instances in August 2021 and April 2022. The remaining time has declared a clear negative trend. The 50 EMA curve has developed into a strong resistance, which XEC needs to break out to present itself as a token with a potential increase in valuations.
During this price momentum in the last six months, there have been days of positive buying trend with transaction volumes hitting double the usual. After hitting its year peak in April, eCash went into a downtrend, hitting a fresh low in May 2022.
So far, after touching this low, XEC has maintained its strength, not allowing prices to dip further, maintaining a safe distance from the May 2022 lows. RSI indicator has once again tanked in the last week, dipping from 55 to 43, with the MACD indicator showing a bearish crossover. XEC token needs to hold its value in the downtrend rally to create a stronger market position.
