Ecash price prediction: Can XEC bounce back?
XEC has been stuck in a bearish trend and has struggled to sustain momentum
Opportunities to buy goods using cryptocurrencies have improved over recent years, and crypto holders can now even pay for holidays with their digital assets.
ECash (XEC) is looking to continue this trend with a cryptocurrency designed for everyday purchases. Its network is prepared for mass adoption, with eCash’s consensus layer claiming to support more than five million transactions per second (TPS).
While it has a clear potential use case, investors have been distant to eCash’s cryptocurrency this year. However, XEC is seeing signs of a rally after it integrated with the Arbitrum network, though it is struggling to continue this momentum.
What is eCash coin?
Ecash is a digital currency established during the July 2021 hard fork of the Bitcoin Cash (BCH) network. Before the hard fork, eCash was known as Bitcoin Cash ABC and traded under the ticker BCHA
While the name has changed, the mission has stayed the same. Ecash’s goal is to become a cryptocurrency that is usable as electronic cash in everyday life. It is looking, in other words, to be a transaction method for purchasing goods and services.
The digital currency uses a proof-of-stake consensus mechanism under the name Avalanche, which is not the same as the Avalanche (AVAX) blockchain. Instead, this consensus layer improves scalability on the platform and has provided the network with capabilities of more than five million TPS.
The San Francisco-based Amaury Séchet is the lead developer behind eCash. He was previously an engineer at Facebook before delving into the crypto world. Séchet then worked on the initial Bitcoin Cash project, and its later fork to Bitcoin SV (BSV) in 2018.
XEC’s tokenomics
The native token used on the platform is ecash (XEC). This enables users to transfer money directly to other people online and pay for products and services. It is also used for staking within the network’s governance system.
According to the eCash website:
Ecash prioritises anonymity by using the CashFusion protocol. CashFusion offers comparable anonymity to the leading privacy coins, while maintaining an auditable supply cap.
XEC coin news and price analysis
Ecash price chart
Source: CoinMarketCap
Based on the earliest available price data chart from 2021, the XEC token price fell from $0.00002753 on 8 July to its all-time low of $0.0000173 on 20 July, a fall of more than 37%.
This downward trajectory did not last for long. It soared throughout the end of August as numerous exchanges, including Bithumb and Bitfinex, completed BCHA’s rebrand to ecash and resumed trading in the coin.
Binance listed XEC on 3 September with a USDT pairing. It reached a peak of $0.0003615 on 4 September, a rise of more than 1,213% from the July low.
After falling slightly after this surge, Huobi (HT) enabled a cross-margin mode for those trading the XEC and USDT pairing. XEC token price spiked from $0.0002018 on 10 November to its all-time high of $0.0005926 on the same day, a massive intra-day spike when the price almost trebled. However, it fell back and closed at $0.000187.
The bearish momentum continued, and the eCash token price closed the year at $0.0001083. This downward trajectory stuck with the cryptocurrency throughout 2022 , and XEC fell to a low of $0.000033 on 18 June.
However, it showed signs of recovery in September after Arbitrum's post-consensus layer went live on the eCash mainnet.
A blog post said:
The official eCash Twitter also explained the decision to integrate the Arbitrum blockchain. It cited staking rewards, transaction finality and decentralisatoin as the driving reasons.
The XEC cryptocurrency rallied to a high of $0.000047 on 8 October, this also followed a new update that accurately tracks transaction history on its native wallet Cashtab.
However, XEC has since lost these gains. As of 21 October, it was trading at $0.000035, down 6% over the previous week and 8% in the previous month.
eCash price prediction
At the time of writing, CoinCodex’s XEC prediction gave it an overall bearish rating, with only three indicators that suggested buy and 25 bearish signals. The fear and greed index was showing "extreme fear".
WalletInvestor’s XEC price prediction said the token was a “bad” long-term investment. It estimated that the coin’s average price could have declined to $0.00001 in a year. Its ecash price prediction for 2025 suggested XEC could have fallen to to $0.00000255 at the beginning of the year.
However, the ecash prediction from PricePrediction was quite bullish. Although its XEC coin price prediction suggested that the average price in 2022 could have been $0.00004, it expects the token to reach $0.0001 in 2025. Its eCash price prediction for 2030 anticipated an average price of $0.0008.
In line with PricePrediction, DigitalCoinPrice also suggested XEC could rise further. According to its ecash crypto price prediction, the average price could be $0.00003 in 2022, $0.00009 in 2025 and $0.0001 in 2030.
AMB Crypto’s ecash price prediction for 2022 suggested it could hit $0.00002 in December. This upward trajectory was expected to continue and its XEC crypto price prediction sees the token reaching $0.0001 in 2025.
When looking for XEC price predictions, bear in mind that analysts’ and algorithm-based projections can be wrong. Their expectations are based on fundamental and technical studies of the XEC token’s past performance – but past performance is no guarantee of future results.
It is therefore essential to do your research, and always remember your decision to trade depends on your attitude to risk, your expertise in the market, the spread of your portfolio, and how comfortable you feel about losing money. You should never trade with more money that you can afford to lose.
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