eCash Soars 15% A Day: Social Metrics & Sentiments On The RiseeCash Soars 15% A Day: Social Metrics & Sentiments On The Rise
Weighted sentiment curve has shifted to the positive territory indicating an improved sentiment among the Investors.
At the time of writing, eCash was exchanging hands close to $0.0000395 recording an impressive intraday surge of 15%.
eCash is on a two day gaining streak, adding a total of nearly 20% in the period. The recent surge in the XEC price has left the investors amaze as they rush to grab the token before it reaches the moon.
Moreover, this is evident from the few on-chain data like weighted sentiment and transaction volume data. Despite being the long term trend bearish, the short term positive waves have added a ray of hope for a better future among the investors.
eCash (XEC) is the rebranded version of Bitcoin Cash ABC (BCHA), which itself is a fork of Bitcoin (BTC) and Bitcoin Cash (BCH). It positions itself as a “cryptocurrency designed to be used as electronic cash,” aiming to facilitate transactions for goods and services. The coin was rebranded on July 1, 2021, and has since sought to distinguish itself from its predecessor.
Weighted Sentiment Enters The Positive Territory
Earlier, eCash price entered a correction phase in the 1st week of April and dropped over 60% by June end. However, the bulls initiated a recovery in July now seems to be gaining momentum suggesting a possible bullish shift in the trend ahead.
Moreover, few on-chain metrics have started shining off before the price reclaims the bullish territory. In tandem with the recent price surge, the weighted sentiment curve has seemed to be entering a positive territory indicating a possible bullish shift in the trend.
The weighted sentiment curve reflects the overall biasness of the traders and investors whether it is bullish or bearish. As per the data obtained from an on-chain analytics website, the weighted sentiment curve was hovering below the zero line and has shifted its territory after surpassing the zero line.
Additionally, the transaction volume highlights a 828% growth in the past 24 hours indicating an increased demand. At the time of writing, the transaction volume was recorded as $115.54 Million per day.
Also, the volume to market cap ratio was 9.48 indicating mild volatility. with a live market capitalization of $781.6 Million, eCash ranks 93rd in the cryptoverse.
Can eCash Make A Bullish Reversal or Fail?
The last few weeks saw a recovery in the eCash price which seems to be gaining momentum as evident from the 15% rise today. Despite a gain of over 24% a month, eCash still lags 23% from its three month highs.
However, the recent sessions have experienced the domination of the bulls which may help the crypto recover soon. The price has surpassed the 20 and 50 day exponential moving average indicating the intent for a bullish reversal in the short term.
On the higher side, the most important hurdle is the 200 day EMA which if surpassed may mark a bullish reversal and the crypto may extend higher. Additionally, the MACD indicator has surpassed the zero line and was headed higher suggesting a bullish continuation.
eCash price has surged nearly 20% over two days, sparking investor interest. After a 60% drop from April to June, a recovery began in July, indicating a potential bullish trend. On-chain metrics and a positive weighted sentiment curve support this outlook.
Recent gains include a 15% rise today and a 24% increase over the past month, still eCash price lags 23% from its three-month high. The price has surpassed the 20 and 50-day EMAs, with the 200-day EMA as the next key resistance. The MACD indicator suggests a bullish continuation.
