Leading digital money project eCash (XEC) has exploded +18% over the last 48-hours, as excitement for On-Chain staking upgrade grows amongst the eCash army - but is it too late to buy eCash?
The impressive pump comes amid a flurry of activity for eCash, which has seen on-chain trading volumes surge +1,455% over the past 24-hours according to data from CMC.
As a prominent Bitcoin fork project; a reincarnation of Bitcoin Cash ABC, XEC is making waves with the promise of being the first Bitcoin-linked project to offer On-Chain staking rewards.
And this excitement is at a time of heightened interest in Bitcoin and derivative projects such as Stacks (STX) which has also seen an explosive +2.15% move over the past 24-hours, and the Bitcoin BSC presale which exploded past $3m earlier today.
With price action pushing up, eCash is currently trading at a market price of $0.00002651 (representing a 24-hour change of +4.74%).
This comes following the sensational +18% move, which was triggered by a significant influx of trading volume stemming from increased promotion of the upcoming on-chain staking rewards on Crypto Twitter.
XEC's 200DMA put the brakes on the upside move at the $0.0000275 price level - which now forms a key level of local resistance to crack.
However, with price action smashing through a 65-day long ceiling of resistance from the 20DMA to establish firm under-footing - technical structure appears to be strengthening.
With price now primed for a run at the 200DMA, XEC's RSI indicator has heated-up substantially, shifting to an over-bought signal at 61.44.
Such a high reading on the RSI represents bearish divergence, and could suggest that a further retracement or a prolonged period of consolidation is on the cards.
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