After Aster DEX listed perpetual eCash futures contracts with 5x leverage and 2.5x trading points, eCash (XEC) pumped 55% to $0.00001.
Market speculation soared, with Aster’s derivatives volume rising by 85% to $4.5 million, while total volume exceeded $7 million.
Shortly after the price pump, the altcoin fell to $0.000006. After this decline, buyers came back in force and defended higher levels, and XEC’s downtrend reversed, rising to $0.0000087.
As of this writing, eCash is trading at $0.0000078, after rising 14.7% on the daily charts. During the same period, trading volume rose by 106% to reach $36.8 million, while the market rose by 13% to reach $158 million.
eCash traders are making a strong comeback
After eCash recently tanked after a significant rally, traders are back across the market, looking to revitalize it.
Speculators in particular showed an increase in appetite. According to Coinalyze data, Daily Perpetuals buy sell volume rose to 174.6 billion compared to 172 billion sell volume.
As a result, the buy and sell delta rose to $2.6 billion. Meanwhile, the market maintained positive net buying of $77.5 billion.
A positive delta and net buy indicate that more capital is flowing into new positions. Likewise, derivatives volume rose 4% to US$1.4 million while open interest jumped 2% to US$2.8 million.
The rise in investment volume and volume confirmed the previous observation that traders deployed capital to open new positions. The same market behavior is observed on the spot side.
According to Coinglass data, Spot Netflow turned negative after six consecutive days of negative flows. Following the listing of Aster, the altcoin’s Netflow rose to an ATH of $927K, reflecting extensive profit making.
Thus, after the bounce, coin holders rushed to cash out their coins after being underwater for a long time. Now, this selling pressure has subsided, and stockholders are less motivated to sell.
At the time of writing, Netflow was valued at -$50k, indicating an influx of electronic cash from exchanges, a clear sign of rising accumulation.
Historically, this market demand has fueled bullish momentum, paving the way for further gains on the price charts.
Can XEC’s bull run continue, or is it just a speculative bubble?
eCash rebounded after Aster futures listing, and the market is still riding the wave. Traders remained very active throughout the market.
As a result, the XEC +DI Directional Movement Index (DMI) rose to 41, while the ADX rose to 46. A rise in ADX and +DI indicates strong upward momentum and its continuation.
Currently, eCash is testing the 200-day moving average at $0.000008. If XEC closes above it, the altcoin could recover $0.00001 again.
However, if $0.000008 fails to hold, a pullback to $0.000006 will likely follow.
Final summary
- eCash (XEC) rose 14.7%, managing to hold $0.000006 support to recover $0.0000087.
- eCash has rebounded amid a slowdown in earnings and renewed speculative activity across the market.
