After Aster DEX listed eCash perpetual futures with 5x leverage and 2.5x trading points, eCash [XEC] pumped 55% to $0.00001.
Market speculation soared, with derivatives volume on Aster surging 85% to $4.5 million, while overall volume surpassed $7 million.
Source: X
Shortly after the price pump, the altcoin retraced to $0.000006. After this drop, buyers returned with strength and defended higher levels, and XEC’s downside trend reversed, hiking to $0.0000087.
As of this writing, eCash was trading around $0.0000078, after rising 14.7% on the daily charts. Over the same period, its trading volume climbed 106% to $36.8 million while the market rose 13% to $158 million.
eCash traders stage a strong comeback
After eCash recently retraced following a major rally, traders returned across the market, seeking to reenergize it.
Speculators especially showed increased appetite. According to Coinalyze data, Daily Perpetuals Buy Sell Volume climbed to 174.6 billion compared to 172 billion in sell volume.
Source: Coinalyze
As a result, the buy-sell delta rose to 2.6 billion. At the same time, the market held a positive net buying of 77.5 billion.
A positive delta and net buying suggested that more capital flowed into opening new positions. Likewise, the Derivatives Volume rose 4% to $1.4 million while Open Interest jumped 2% to $2.8 million.
Source: CoinGlass
The rising OI and volume confirmed the earlier observation that traders deployed capital to open new positions. The same market behavior was observed on the spot side.
According to Coinglass data, the Spot Netflow turned negative after six consecutive days of negative flows. After the Aster listing, the altcoin’s Netflow skyrocketed to an ATH of $927k, reflecting intense profit realization.
Source: CoinGlass
Thus, after the rebound, holders rushed to cash out after staying underwater for a prolonged period. Now, this selling pressure has cooled down, and holders are less incentivized to sell.
At press time, Netflow was -$50k, suggesting eCash flowed out of exchanges, a clear sign of rising accumulation.
Historically, such market demand has strengthened upside momentum, setting the path for more gains on price charts.
Can XEC’s upside hold, or is it merely a speculative bubble?
eCash rebounded after the Aster listing of perps futures, and the market is still riding on the wave. Traders have remained extremely active across the market.
Source: TradingView
As a result, XEC’s +DI of the Directional Movement Index (DMI) climbed to 41, while the ADX rose to 46. The rising ADX and +DI indicated strong upward momentum and the likelihood of its continuation.
Currently, eCash is testing the 200-day EMA at $0.000008. If XEC closes above it, the altcoin could reclaim $0.00001 again.
However, if $0.000008 fails to hold, a pullback to $0.000006 will most likely follow.
Final Summary
- eCash [XEC] surged 14.7%, successfully holding $0.000006 support to reclaim $0.0000087.
- eCash rebounded amid a cool-down in profit realization and renewed speculative activity across the market.
