- Onyxcoin rallied 28%, trading within the $0.01961 range.
- XCN’s daily trading volume has surged by over 188%.
After escaping a bearish phase, the crypto market has gained 6.30%, with Bitcoin and Ethereum having posted modest gains. While Onyxcoin (XCN) stands out among altcoins with a 28.53% jump.
XCN attempted a breakout rally and, despite challenges, has managed a strong recovery. Onyxcoin’s upside correction triggered it to reach $0.02065 from a low of $0.01519.
The altcoin has broken through crucial resistance levels at $0.01674 and $0.01944. With the next resistance on the horizon, Onyxcoin has enough room for potential upside.
At the time of writing, XCN traded at $0.01961, with the market cap reaching $640 million. Concurrently, the daily trading volume of the asset is $321 million.
Can XCN Bulls Keep the Momentum Alive?
Assuming XCN breaks above the $0.020 resistance and flips it to support, a steady recovery could occur. This could clear the path for a rise toward the $0.02547 range, which adds strength to the bulls. Further price appreciation could strengthen the asset’s bullish outlook.
A refusal at the next resistance level may, however, cause a bearish movement. A failure to hold at $0.02157 can propel Onyxcoin to $0.017, making it harder to recover. A sustained loss can keep pressure in the bears’ direction.
Onyxcoin’s Moving Average Convergence Divergence (MACD) line has crossed over the signal line, which represents a bullish crossover and reaffirms the trend upwards. Increasing numbers of buyers are flowing into the market, pushing prices upward.
Moreover, the Chaikin Money Flow (CMF) indicator positioned at 0.20 suggests that money is flowing into the asset with strong buying pressure in the market. Meanwhile, Onyxcoin’s daily trading volume has increased by over 188%.
The trading chart exhibits a Bull-Bear Power (BBP) value of 0.00283. It implies a neutral to mildly bullish market sentiment. Besides, the daily relative strength index (RSI) of the XCN, resting at 62.24, points out moderate bullish momentum.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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