- Onyxcoin is currently hovering around the $0.016 mark.
- XCN’s 24-hour trading volume has jumped by over 91%.
The crypto asset prices are oscillating between their recent lows and highs, with the neutral sentiment lingering in the market, as the fear and greed index value is found at 50. After a brief spike, the market cap has settled at $3.31 trillion. Among the altcoins, Onyxcoin (XCN) is one of the trending coins and has gained over 6.78%.
With Onyxcoin’s potent bulls, the upside correction in the recent session has triggered the price to visit a high of $0.01693. Notably, in the early hours, XCN traded at its bottom range of $0.0147. If the altcoin breaks through its upcoming key resistance levels, there is more room for potential upward price action.
As per CMC data, Onyxcoin traded within the $0.01600 range as of now. Also, the market cap has reached $547 million. In addition, the daily trading volume of XCN has surged by over 91%, touching $62.42 million.
Besides, the weekly chart of Onyxcoin has recorded a surge of over 16.45%. The asset marked its weekly low at around $0.012, and gradually, with the bullish shift, it has climbed to the current trading level.
Will Onyxcoin Bulls Trigger More Upside?
Onyxcoin’s four-hour technical indicator analysis points at a positive outlook with the Moving Average Convergence Divergence (MACD) line having crossed over the signal line. This crossover indicates a bullish momentum, and the asset’s short-term price movement is gaining strength. Moreover, the Chaikin Money Flow (CMF) indicator is found at 0.34, suggesting a strong buying pressure and the capital is flowing into the asset. This bullish range has the potential for further upward price movement.
The active upside trading pattern of XCN could likely break through the resistance above the $0.01608 range. An extended correction on the upside might initiate the golden cross to take place. It may kickstart a rally toward its recent highs at around $0.01617 or above.
In turn, assuming the wake of bears, the price of Onyxcoin might retrace to the nearby support at the $0.01591 mark. The death cross could unfold, with a potential downside correction. It will trigger the price to visit its former low at the $0.01580 range.
Furthermore, the daily relative strength index (RSI) of the asset is positioned at 61.69, signalling a moderate bullish momentum. If it crosses 70, overbought conditions and a possible correction are ahead. Onyxcoin’s Bull Bear Power (BBP) value of 0.00144 infers a slight bullish bias in the market.
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