XEC is up by more than 30% on Monday: Here is why

The cryptocurrency market has performed poorly so far today, but XEC is the best performer amongst the top 100 cryptocurrencies. 

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XEC, the native token of the eCash ecosystem, is the best performer amongst the top 100 cryptocurrencies today. The coin has rallied by more than 30% over the last 24 hours, outperforming the broader market in the process. 

The broader cryptocurrency market has been underperforming in the last two weeks. The market has lost more than 1% of its value so far today, with the total market cap now below the $1 trillion mark once again.

Bitcoin has dropped below $20k for the first time this month. At press time, BTC is trading at $19,813, down by more than 1% so far today. Ether has also lost its support above the $1,500 level and is now trading at $1,449 per coin.

XEC’s rally comes after the development team announced that the Avalanche Post-Consensus would go live on the eCash Mainnet on Sept 14th.

According to the team, Post-Consensus brings 51% attack prevention which increases the security of the network significantly, bringing it on par with leading Proof-of-Work chains. It also brings 1-block finality to eCash, which opens the door for exchanges to enable 1 confirmation deposit.

Key levels to watch

The XEC/USDT 4-hour chart is extremely bullish as eCash is performing excellently amidst a bearish run from the broader market.

The MACD line jumped into the positive zone on Sunday and continues to remain within that territory, indicating bullish momentum. The 14-day RSI of 74 shows that XEC could enter the overbought region if the rally continues.

At press time, XEC is trading at $0.00004883 per coin. If the positive rally is maintained, XEC could surge past the $0.00005357 resistance level before the end of the day. 

However, the second major resistance level at $0.00006362 should prove difficult for XEC unless it gets support from the broader cryptocurrency market.