Onyxcoin (XCN) has experienced a rather dramatic 45% decline over the past 30 days, a stark contrast to its historic surge at the end of January. Once a darling of the altcoin world, XCN now seems to be taking a breather, much to the amusement of seasoned traders and the dismay of the more optimistic investors. ๐๐
Amidst the fluctuating market, both momentum and trend indicators suggest that the bearish pressure is waning, hinting at a possible shift in the near future. Let us delve into the technical analysis and ponder what the future might hold for this enigmatic coin. ๐๐ฎ
XCN RSI Has Been Neutral For One Week
Onyxcoinโs RSI currently stands at 41.7, a significant drop from its peak of 55.6 just three days ago. The RSI has been hovering in a neutral zone for the past week, oscillating between 41 and 55, without a clear bullish or bearish trend. ๐คทโโ๏ธ
The Relative Strength Index (RSI) is a momentum oscillator that gauges the speed and direction of price movements, ranging from 0 to 100. Readings above 70 suggest overbought conditions, while those below 30 indicate oversold conditions. With XCNโs RSI at 41.7, it suggests a mild bearish pressure, but not enough to declare an oversold market. ๐ค
This neutral stance might indicate that Onyxcoin is in a consolidation phase, with traders likely waiting for a stronger signal before making their next move. ๐ต๏ธโโ๏ธ
Onyxcoin ADX Shows The Current Downtrend Is Fading Away
Onyxcoinโs ADX has plummeted to 8.33, down from 14.7 just two days ago. This sharp decline signals a weakening of the trend strength, even as the token remains in a downtrend. ๐๐
The Average Directional Index (ADX) measures the strength of a trend, regardless of its direction. Values above 25 indicate a strong trend, while those below 20 suggest a weak or non-trending market. With XCNโs ADX at 8.33, it is clear that the downtrend is losing its steam. ๐โโ๏ธ๐จ
The price may remain range-bound or experience smaller movements until momentum picks up again. Without a significant increase in ADX, traders might expect continued sideways or choppy price action in the short term. ๐๐๐
Will Onyxcoin Reclaim $0.020 In March?
Despite its earlier glory, Onyxcoin has corrected by 42% over the past 30 days. If this downtrend persists, XCN could retest the key support level at $0.01. A breakdown below this level would mark the first time the token has fallen below $0.01 since January 17, before its major surge. ๐๐๐
However, the weakening ADX suggests that the current downtrend is losing its strength, potentially paving the way for a rebound. If Onyxcoin regains its momentum, it could challenge the resistance at $0.0149, and a breakout could push the price toward $0.017. Should XCN recover its bullish trend from late January, it could rise as high as $0.022, breaking above $0.02 for the first time since March 3. ๐๐๐
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2025-03-18 06:13