eCash (XEC) rose 55% to $0.00001 after Aster DEX listed eCash perpetual futures with 5x leverage and 2.5x trading points.
Market speculation increased as derivatives volume on Aster increased by 85% to $4.5 million, with total volume exceeding $7 million.
Shortly after the price increase, the altcoin dropped to $0.000006. Following this decline, buyers came back strongly and defended higher levels, and XEC’s downward trend reversed, rising to $0.0000087.
As of this writing, eCash was trading around $0.0000078 after rising 14.7% on the daily charts. During the same period, trading volume increased by 106% to 36.8 million dollars, while the market increased by 13% to 158 million dollars.
eCash investors make a strong return
After eCash recently pulled back following a major rally, traders have returned to the market in an attempt to re-energize it.
It was seen that especially the appetite of speculators increased. According to Coinalyze data, Daily Perpetuals Trading Volume increased to 174.6 billion compared to sales volume of 172 billion.
As a result, the trading delta increased to 2.6 billion. At the same time, there was a positive net purchase of 77.5 billion in the market.
A positive delta and net buying indicated that more capital was flowing into opening new positions. Similarly, Derivatives Transaction Volume increased by 4% to $1.4 million, while Open Interest increased by 2% to $2.8 million.
The increased OI and volume confirmed the previous observation that investors used capital to open new positions. The same market behavior was observed on the spot side.
According to Coinglass data, Spot Netflow turned negative after six consecutive days of negative flows. Following the Aster listing, altcoin Netflow skyrocketed to $927K ATH, reflecting heavy profit taking.
So, after the recovery, the owners rushed for cash after being underwater for a long time. Now that selling pressure has diminished and shareholders have less incentive to sell.
At the time of writing, Netflow was -$50K; This shows that eCash is leaving exchanges, a clear sign of increased accumulation.
Historically, this type of market demand has strengthened upward momentum, setting the path for further gains on price charts.
Can XEC’s rise continue or is it just a speculative bubble?
eCash rebounded after Aster listed questionable futures contracts, and the market is still riding the wave. Investors continue to be extremely active in the market.
As a result, XEC’s +DI in Directional Movement Index (DMI) rose to 41, while ADX rose to 46. Rising ADX and +DI indicated strong upward momentum and the possibility of this continuing.
Currently, eCash is testing the 200-day EMA at $0.000008. If XEC closes above this level, the altcoin could reclaim $0.00001.
However, if $0.000008 fails to hold, a pullback to $0.000006 will most likely follow.
Final Summary
- eCash (XEC) rose 14.7%, successfully defending the $0.000006 support and reclaiming $0.0000087.
- eCash recovered due to the slowdown in profit realization and the resumption of speculative activities in the market.
