After Aster DEX listed eCash perpetual futures with 5x leverage and 2.5x trading points, eCash (XEC) rose 55% to $0.00001.
Market speculation soared, with derivatives volume on Aster surging 85% to $4.5 million, while overall volume topped $7 million.
Shortly after the price rally, the altcoin returned to $0.000006. After this drop, buyers came back in force and defended higher levels, and XEC’s downtrend reversed, hitting $0.0000087.
At the time of writing, eCash was trading around $0.0000078, having increased by 14.7% on the daily charts. During the same period, its trading volume soared 106% to $36.8 million while the market grew 13% to $158 million.
eCash traders are making a comeback
After eCash’s recent comeback following a major rally, traders have returned to the market, looking to reinvigorate it.
Speculators especially showed an increased appetite. According to Coinalyze data, Daily Perpetuals’ buying and selling volume increased to 174.6 billion, compared to 172 billion in sales volume.
As a result, the delta of purchases and sales amounted to 2.6 billion. At the same time, the market recorded positive net purchases of 77.5 billion.
A positive delta and net purchases suggest that more capital was invested in opening new positions. Similarly, derivatives volume increased 4% to $1.4 million, while open interest jumped 2% to $2.8 million.
The increase in OI and volume confirmed the earlier observation that traders were deploying 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 Aster’s listing, the altcoin’s Netflow soared to an ATH of $927,000, reflecting intense profit making.
So after the rebound, holders rushed to cash out after staying underwater for an extended period of time. Today, this selling pressure has eased and holders have less incentive to sell.
At press time, the Netflow was -$50,000, suggesting that eCash is moving out of exchanges, a clear sign of growing accumulation.
Historically, this market demand has strengthened bullish momentum, paving the way for more gains on the price charts.
Can the rise in XEC hold, or is it just a speculative bubble?
eCash rebounded after the Aster perps futures listing, and the market is still riding the wave. Traders remained extremely active across the market.
As a result, the Directional Movement Index (DMI)
Currently, eCash is testing the 200-day EMA at $0.000008. If XEC closes above, 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 slowing profit realization and resumption of speculative activity in the market.
