Onyxcoin (XCN) Drops 23% After January Rally
Onyxcoin (XCN) was one of the best performing altcoins in January, with its market cap soaring from $70 million on January 1 to $1 billion on January 26 to $26. However, it has dropped by 23% in the past 30 days.
Relative Strength Index (RSI) fell to 42, with the average direction index (ADX) indicating a downward trend, which marks a potential consolidation phase. If XCN loses its main support at $0.0145, it may drop to $0.0075, but a bullish reversal may think IT testing resistance is $0.0229, $0.033, or even $0.040.
Onyxcoin RSI shows that buying pressure is not strong
Onyxcoin’s RSI is currently 42 years old, down 29.2 from 52.6 two days ago.
this Relative Strength Index (RSI) It is a momentum oscillator that measures the speed of price change and changes. It ranges from 0 to 100, with values above 70 indicating over-high conditions and potential for price decline, while values below 30 indicate over-sale conditions and potential for rebound.
RSI between 30 and 70 is usually expressed Neutral trends do not have strong directional deviations.
XCN’s RSI has been working to break the 60s and over since January 30, indicating a lack of strong bullish momentum.
The recent decline from 52.6 to 42 indicates that buying pressure is weakening and that if RSI continues to decline, it may further signal a low. This reduction reflects faded bullish sentiment, Make Altcoin vulnerable Continue sales pressure.
If the RSI fails to recover to over 50 very quickly, the bearish trend can be confirmed. May cause further price drop.
XCN ADX shows that the downward trend is disappearing
Onyxcoin’s ADX is currently 15.6, down from 24.2 two days ago. The average direction index (ADX) is a trend intensity indicator that measures the intensity of a trend without indicating its direction.
It ranges from 0 to 100, values above 25 indicate strong trends, while values below 20 indicate weak or non-trend markets.
ADX below 20 indicates Price changes may be sideways or lack of momentum.
XCN’s ADX drop to 15.6 indicates a weak trend, indicating that the current downtrend is losing momentum.
In the downward trend, the decline in ADX reflects a decrease in sales pressure and market hesitation, increasing the likelihood of price mergers or lateral movements.
However, there is no increase in ADX or directional movement, XCN is unlikely to see a major price reversal soon. If ADX remains below 20, the price may continue to be unclear.
Onyxcoin could drop 51% if the downtrend becomes strong again
The combination of fading downward trend and drop RSI shows Altcoin may be entering the merge phase.
Currently, it is closely supported at about $0.0145, which, if tested and lost, could result in a drop to $0.0075.
On the other hand, if an uptrend occurs, XCN may rise to test the resistance level of $0.0229. If this is broken, and Onyxcoin restores positive momentum It may continue to rally over the past few months, testing for $0.033 or even $0.040.
This will represent the potential 154% upside potential at the current level. However, in order for this bullish situation to work, XCN needs to regain strong buying momentum and maintain it through a critical resistance zone.
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.
