Bullish momentum for Onyxcoin (XCN) might be dwindling, despite a 10% increase in weekly returns.
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Onyxcoin's (XCN) Surge: What to Expect
In the past 24 hours, Onyxcoin has seen a 3% rise, and over the last week, it's up nearly 12%, putting its market cap back around $640 million. This uptrend has many investors wondering about the token's future movement. Let's take a closer look at the factors that could influence Onyxcoin's trajectory.
Onyxcoin's RSI Bounces Back – What's Next?
Onyxcoin's Relative Strength Index (RSI) stands at 48.89, having briefly reached 75 just five days ago. After plummeting to 34.88 the previous day, the RSI has rebounded, suggesting selling pressure may be easing.
This rebound shows that momentum is attempting to stabilize; however, Onyxcoin is yet to exhibit a clear direction for its next major move. The RSI, a well-known technical indicator, measures the speed and magnitude of the asset's recent price changes to assess whether it's overbought or oversold.
Typically, an RSI above 70 suggests overbought conditions and potential for a pullback, while an RSI below 30 signals oversold conditions and potential for a rebound. Now that XCN's RSI sits at 48.89, the token finds itself in a neutral zone, providing room for further upside if buying pressures persist. If momentum continues to strengthen, XCN could regain traction without immediately encountering technical resistance from an overbought situation.
XCN's Uptrend Remains – But Trend Strength Weakens
The Average Directional Index (ADX) for Onyxcoin is currently at 23.64 – a significant drop from the 50 level it reached just two days ago. This sharp decline suggests that the trend's strength has noticeably weakened, even though XCN remains in an uptrend.
The decrease in ADX indicates a cooling of momentum following a strong directional move earlier in the week. While the uptrend remains intact, the lower ADX reading signals that the trend's strength is no longer as dominant as it was a few days ago.
The ADX measures a trend's strength without indicating its direction. Values above 25 typically suggest a strong trend, while values below 20 indicate a weak or directionless market. With XCN's ADX now at 23.64, the trend is still moderate but close to losing strength if the reading continues to fall.
This means Onyxcoin's uptrend remains, but it will require fresh buying pressure to stave off consolidation or sideways movement in the weeks ahead.
Support Held – But EMA Gap Signals Caution
Onyxcoin has shown impressive performance in April, with a 112% gain, making it one of the top-performing altcoins for the month. With the short-term EMAs still above the long-term ones, the moving average structure remains bullish.
However, the divergence between these EMAs has narrowed, suggesting that the bullish momentum may be losing some steam. The critical support zone near $0.018 has been held so far, but it remains fragile.
If buying momentum falters and Onyxcoin tests this support level again, there's a risk of a drop toward the next support level at around $0.016. Conversely, if buying pressure surges, Onyxcoin could rally to test the $0.024 resistance level.
A breakout above $0.024 could pave the way for a continued trend toward $0.027, offering a strong bullish set-up as long as momentum strengthens.
[Disclaimer: This price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.]
Enrichment Data:
- RSI: XCN's RSI has retreated to 63.21 (from an April 23 peak of 75), signaling reduced momentum but remaining in bullish territory. The initial overbought condition has eased, indicating potential consolidation or a minor pullback before renewed upward movement.
- EMA: The short-term EMAs remain above long-term EMAs, maintaining a bullish trend structure. Key support holds near $0.018, with resistance at $0.024. The shrinking gap between the EMAs suggests weakening momentum compared to earlier in April.
- ADX & Additional Context: While not explicitly mentioned in recent analyses, the broader technical environment includes:
- 112% April gains: With recent volatility testing critical support zones
- Increased volume: Daily trading activity has surged 82%, reaching $208.47 million
- Market sentiment: Bullish sentiments dominate, but analysts caution about the narrowing EMA gap and fragile $0.018 support.
- The Relative Strength Index (RSI) for Onyxcoin (XCN) has rebounded to 48.89, indicating that selling pressure might be easing.
- XCN's RSI currently finds itself in a neutral zone, offering room for further upside if buying pressures persist.
- The Average Directional Index (ADX) for Onyxcoin is currently at 23.64, suggesting that the trend's strength has weakened.
- Onyxcoin's uptrend remains, but it will require fresh buying pressure to stave off consolidation or sideways movement in the weeks ahead.
- The short-term EMAs for Onyxcoin remain above the long-term ones, maintaining a bullish trend structure.
- Buying pressure surges could potentially lead to a breakout above the $0.024 resistance level, with potential for continued trend toward $0.027, offering a strong bullish set-up.
