XEC surges 13% on Consensus update – But 2 factors suggest a correction

eCash [XEC] saw a dominant surge in price, with a rally of 13% at press time. Several factors have influenced the gains. On the fundamental side, the payment network is making moves to update its consensus rules. Other bullish indicators have emerged from the capital flowing into XEC more recently. However, there is still a major hurdle ahead that could limit the price rally. In fact, the chart data suggests that the asset may be overvalued. XEC faces resistance despite bullish momentum Analysis of XEC’s price action using the Bollinger Bands chart shows that the asset has traded into overvalued territory, based on the Bollinger Bands indicator. The Bollinger Bands operate on three levels, the upper level (red band), the middle level, and the lower level (green band).

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