Onyxcoin (XCN) Technical Indicators Hint at Major Breakout
Onyxcoin (XCN) has dropped 16% over the past seven days, despite a 52% increase in the past 30 days. XCN relative strength index (RSI) is currently 40.1, indicating a mild bearish momentum, but not enough to signal too much sales.
Meanwhile, the average direction index (ADX) has dropped to 15.1, indicating that the downtrend is losing strength and may lead to a low momentum. Despite the ongoing bearish trend, the exponential moving average (EMA) line shows that if Bullish Momentum rises, XCN has the potential to challenge key resistance levels and could increase by 30% by March.
XCN RSI has been neutral since February 12
The relative intensity index (RSI) of XCN is currently at 40.1, and has remained below 50 for the past 5 days without falling to 30.
This shows XCN has been experiencing mild bearish momentum Because it stays neutral at 50 points.
However, the fact that it did not touch 30 levels suggests that sales pressure is not overwhelming and has the potential to send out a consolidation phase or a weakening of bearish trends.
RSI is a momentum oscillator This measures the speed and changes of price movements, ranging from 0 to 100. Typically, an RSI above 70 is considered over-purchased, indicating that the asset may be corrected or called back.
Meanwhile, RSI under 30 is considered oversold, suggesting potential buying opportunities for the asset may be undervalued.
XCN has an RSI of 40.1 and is in a cautious area where bearish sentiment exists, but not particularly strong. This could mean that the price is in the merger phase, waiting for the catalyst to determine the next direction.
If you purchase interest, XCN may send a signal to 50 minutes Potential reversals against bullish momentum. Conversely, if it continues to weaken, a drop below 30 will indicate an increase in sales pressure and a possible continuation of the downward trend.
Onyxcoin ADX indicates downward trend is easing
Onyxcoin is based on arbitrationthe current average direction index (ADX) reached 29.4 after reaching 29.4 four days ago. Since then, ADX has been steadily declining, indicating a weak trend.
A drop below 20 suggests that the downward trend that has existed in the past few days is losing momentum.
although Onyxcoin prices are still on a downward trendthe decline in ADX indicates that the intensity of this bearish movement is decreasing, which may lead to a period of consolidation or slowing sales pressure.
ADX is an indicator used to measure the intensity of a trend, regardless of its direction. It ranges from 0 to 100 with values below 20, indicating a trend or non-existent trend and values above 25 indicate a strong trend, whether bullish or bearish.
When ADX rises, it represents a signal that enhances momentum, while the decline of ADX indicates a weakening of trend intensity. Onyxcoin’s ADX at 15.1 shows that the current downward trend is losing power and the market is entering a stage of low momentum.
This may lead to price consolidation or even If you buy interest returns, potential reversal. However, as long as ADX remains below 20, any price movement can be weak and lacks significant directional strength.
Can Onyxcoin emerge 30% before March?
Between January 15 and January 26, XCN prices soared by more than 1,300%, making it one of them Best performing altcoins January. However, prices began to drop since then.
Onyxcoin’s exponential moving average (EMA) line shows that the bearish trend remains, but the downward momentum is not as strong as it was a few days ago.
This suggests that sales pressure has eased slightly, although the bears remain in control. If sales pressure persists, XCN can test support level at $0.017.
A break below this support may open the way for deeper corrections to the next key support, at $0.014.
On the contrary, if the bearish momentum gradually disappears and the trend reversal occurs, XCN can challenge close resistance $0.021. Breakthroughs above this level will indicate a potential shift in market sentiment, resulting in the next drag rally of $0.025.
If the bullish momentum is built further, XCN can target the $0.0339 target, with the current level upside potential of nearly 30%.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
