Onyxcoin (XCN) Sinks 35% in February as Bears Take Full Control
Onyxcoin (XCN) has fallen 19% in the past seven days and over 35% in the past 30 days, reflecting a strong bearish momentum. Its market value reached $1.4 billion on January 26, but has since dropped to $572 million.
Despite a brief recovery RSI It has now dropped to 41.8, indicating a weaker buying interest. XCN faces key support for $0.014 as ADX confirms a strong downtrend of 25.2, and if Bullish Momentum Red Reprol, a potential reversal could target $0.0229 and above.
Onyxcoin RSI reaches 55
XCN’s RSI is currently 41.8, up from 29.6 two days ago to 55.4 yesterday, Indicates that the market momentum is increasing volatility. The RSI or Relative Strength Index is a momentum oscillator that measures the speed and variation of price movements, ranging from 0 to 100.
one RSI above 70 indicates too many assetsindicating potential sales pressure. Meanwhile, the RSI under 30 shows that it is oversold and may issue a buying opportunity. RSI between 30 and 70 is generally considered neutral, reflecting normal market volatility.
After a sharp rise from 29.6, XCN’s RSI fell from 55.4 to 41.8, indicating a shift from bullish sentiment to bearish. This decline indicates that buying momentum has weakened and sales pressure has increased. If RSI lasts until age 30, Altcoin may move further downwards.
However, if the RSI is stable above 40, it may indicate a merger before the next price transfer.
XCN ADX displays downward trend still strong
XCN’s ADX is currently 25.2, starting from 13.9 three days ago and reaching 27 a few hours ago. Indicates an enhanced trend. The average direction index (ADX) measures the intensity of the trend without indicating its direction, ranging from 0 to 100.
ADX below 20 indicates a weak or non-existent trend, while values above 25 indicate a strong trend. The rising ADX confirms the increase in trend intensity, whether prices are rising or falling.
Since XCN is currently on a downward trend, ADX is 25.2, indicating that sales pressure is still high. May cause further price drop. If ADX remains above 25, it will confirm the downtrend momentum.
Conversely, if ADX starts to fall, it may indicate a weaker bearish pressure and a possibility of a merger. The current ADX-level signal indicates a warning because the decline has not shown any signs of reversal.
Can Onyxcoin recover good momentum from the end of January?
If the downtrend continues, XCN can test support at a price of $0.014, which is a key level that can determine its next move.
A break below this support will indicate an increase in sales pressure, which may Push Onyxcoin price higher $0.010 for the first time since mid-January.
On the contrary, if the trend reverses, XCN can test resistance $0.0229. Beyond this level may trigger purchase interest, pushing the price to $0.0339 and possibly $0.040.
If XCN can regain a strong uptrend at the end of January, then it’s the biggest Trend Altcoins In the market, it could reach the $0.049 level.
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.
