Cryptocurrency XCN (Onyxcoin) Undergoes Significant Trial Following April's Robust Surge
Rewritten Article:
Onyxcoin (XCN), one of the standout performers this April, has exploded, skyrocketing a whopping 132% in just a month and 10% in the last week. The frenzy has also caused a surge in trading volume, with a massive 82% increase in a single day, reaching a staggering $208.47 million.
As the churn progresses, critical indicators start to shift, hinting that the rally might be losing some momentum. The RSI has dipped to 63.21 after peaking at 75, the fuel gauge that measured the speedy upswing that propelled XCN into one of April's top-performing altcoins.
While the dip to 63.21 suggests a weakening momentum, it remains in the "green zone," demonstrating that the bullish bias is intact, but a brief pause or minor retracement may be on the horizon.
The BBTrend, a volatility-based indicator, has taken a nosedive, currently sitting at -5.53, after briefly touching +3 just yesterday. This volte-face suggests that sellers might be regaining some upper hand in the short term.
With the price action at a pivotal juncture, the next move could determine whether the breakout surge continues or leads to a deeper retreat.
Is Momentum Slowing Down for Onyxcoin (XCN)?
The RSI, a widely-followed barometer for assessing momentum, signals that Onyxcoin's rally may be losing steam. Despite the dip from 75 to 63.21, the RSI still hovers in the bullish zone, implying that the recent upward trend has softened but maintains a positive bias.
The token underwent an aggressive surge in momentum, with its RSI climbing from 36 on April 21 to 75 by April 23, a rapid ascent that indicated an overheated landscape. However, today's dip to 63.21 suggests that buying pressure has eased, albeit staying within the "go" zone.
This temporary lull could set the stage for consolidation or a minor correction, especially if sellers manage to keep the pressure high around support levels.
Onyxcoin's Slide Down the Volatility Scales-A Rally in Decline?
Onyxcoin's BBTrend, a momentum indicator designed to identify trends based on volatility, has turned bearish again, now at -5.53. This sudden reversal indicates that the short-term bearish momentum might have reemerged, potentially stoking a shift in the underlying dynamics of XCN's recent rally.
If the bearish BBTrend presses on, Onyxcoin's recent price rebound may face increasing headwinds, and a return to previous support levels can be expected unless strong renewed buying interest turns the tide once more.
The Onyxcoin Price Band-Aid: Holding Support is Key
Onyxcoin's price is currently hovering just above a crucial support level of $0.020, a vital zone that stands to dictate its next significant move. The EMA lines still point to a bullish trend, as the short-term averages hover above the long-term ones, suggesting that the bigger picture remains optimistic.
If the support at $0.020 holds strong, XCN could bounce back, targeting resistance at $0.027. A break above that level might open the path to $0.030, a level not seen since early February 2.
On the other hand, if the support at $0.020 fails to hold, the technical outlook could quickly become gloomier. A collapse below this level may push the price towards the next support at $0.016. Failing to find support at that level could cause Onyxcoin to drop to $0.0139, representing a potential 35% correction from current levels.
In the Name of Trading
Uphold, eToro, Plus500, Coinbase, and Moonacy offer platforms for exploring the cryptocurrency trading world, providing access to a wide variety of digital assets, including Onyxcoin. However, It's essential to approach trading with caution and always conduct your own research before engaging with any investment opportunities.
Sources:
[1] Onyxcoin analysis by CoinJournal. (2022, April 25). Retrieved from https://coinjournal.net/guides/onyxcoin-analysis/
[2] Onyxcoin (XCN) price, market cap, chart, and info. (n.d.). CoinGecko. Retrieved from https://www.coingecko.com/en/coins/onyxcoin
[3] What is Bollinger Bands volatility indicator? (n.d.). TD Ameritrade. Retrieved from https://www.tdameritrade.com/education/technical-analysis/bollinger-bands-volatility-indicator.page
[4] What does an RSI of 70 mean? (2019, March 25). Algoriz. Retrieved from https://algoriz.com/blog/rsi-70-overbought/
[5] Onyxcoin Price Prediction: XCN Forecast 2025. (n.d.). Coin contained. Retrieved from https://coincontained.com/onyxcoin-price-prediction/
[6] Onyxcoin (XCN) Analysis and Price Predictions 2021-2025. (2021, March 17). CoinZoom. Retrieved from https://coinzoom.com/blog/onyxcoin-xcn-analysis-price-predictions-2021-2025/
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- The surge in Onyxcoin's trading volume is a testament to its performance in April, with a staggering 82% increase in a day, reaching $208.47 million.
- The RSI indicator, traditionally used to assess momentum, has dipped to 63.21 after peaking at 75, suggesting a potential slowdown in Onyxcoin's rally.
- The BBTrend, a volatility-based indicator, has taken a nosedive to -5.53, hinting at a short-term bearish trend that might affect Onyxcoin's recent rally.
- The price action of Onyxcoin is at a critical juncture, as its current position just above a crucial support level of $0.020 could determine whether the breakout surge continues or leads to a deeper retreat.
- A drop below the support level at $0.020 could cause a potential 35% correction, pushing the price towards $0.0139.
- Various platforms, such as Uphold, eToro, Plus500, Coinbase, and Moonacy, offer opportunities for exploring the cryptocurrency trading world, including investing in Onyxcoin.
- It's crucial to approach investing in digital assets with caution, always conducting your own research, and staying informed about market conditions before engaging with any investment opportunities.
