Onyxcoin (XCN) Eyes Rebound After 50% Drop
After nearly 2,000% of the massive rally between January 13 and January 26. RSI Having remained neutral for the past nine days, ADX noted that the downtrend trend was weak.
XCN currently has a resistance of $0.017 and support of $0.0143, while the EMA line still reflects a bearish trend. Whether the price is higher or lower depends on momentum returns or sales pressure continues to push XCN to a lower level of support.
XCN RSI has been neutral for 9 days
Onyxcoin’s RSI is 43.2, higher than the 68.9 on the latest March 2nd.
It has been fluctuating between 45 and 46 since yesterday, maintaining a neutral position No power to clear or downward.
The RSI or relative strength index is a momentum indicator that measures the speed and amplitude of price movements from 0 to 100.
The above reading 70 indicates excessive conditions, indicating a potential callback, while the reading is below 30 signal oversell conditions, which may be before the rebound.
As XCN has an RSI of 43.2, assets are still in neutral territory since February 25.
More than 50 actions may indicate Bullish growth momentumwhile the drop to 30 may indicate increased sales pressure.
Onyxcoin ADX indicates that downward trend is losing steam
XCN’s ADX was 16.8, down from 36.6 three days ago, indicating a steady decline in trend intensity. This decrease indicates a weakening momentum, with XCN’s recent downward trend in the past few days.
The average direction index (ADX) measures the intensity of the trend on the scale from 0 to 100.
Readings above 25 usually indicate a strong trend, while values below 20 indicate weak or non-existent trend momentum. With XCN’s ADX of 16.8, the current downtrend lacks strong belief, meaning that further declines may be limited unless momentum rises again.
If ADX continues to drop, XCN can enter the merge phase Instead of a sustained decline.
Onyxcoin may soon be below $0.014
After a historical surge in January, XCN is One of the best performing altcoins In the market, Prices of Onyxcoin The resistance is now trading between $0.017 and $0.0143 support. Its EMA line display Short-term EMA is still lower than the long-term trend.
If the ongoing downtrend continues, XCN can test the support level of $0.0143, while below the support level of $0.0134.
However, ADX indicates that the downward trend is weakening, which may open the door to reversal.
If the buying momentum returns, Onyxcoin can test resistance $0.017, a breakout above this level may send the price to $0.022. A similar momentum to January’s recovery is stronger, which can bring XCN up to $0.0264.
Disclaimer
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