Onyxcoin (XCN) Surges 12%: Will the Bulls Continue, or Is a Correction Ahead?

Onyxcoin (XCN) has experienced a significant increase of 12.61% within the last 24 hours. The token's price rose from a low of $0.004995 to a high of $0.0065, breaking key resistance levels. As of now, it is trading at approximately $0.005626 with a market capitalization of $204.65 million. The trading volume has surged by over 285.67%, reaching $46.64 million. The article examines whether the bullish trend can be sustained or if a correction is imminent.

Key Takeaways

Onyxcoin (XCN) increased by 12.61%, reaching a high of $0.0065.
Current trading price is roughly $0.005626, with a market cap of approximately $204.65 million.
Daily trading volume has surged by over 285.67%.
The asset is currently showing bullish momentum, though signs of potential correction exist.
Key support and resistance levels could dictate future price movements.

Current Market Overview

Onyxcoin (XCN) has recently recorded a 12.61% rise in value over the past 24 hours. Earlier today, it traded as low as $0.004995, but bullish momentum has pushed the coin's price up to a peak of $0.0065. The breakout occurred as significant resistance levels between $0.005036 and $0.006479 were surpassed.

According to data from CoinMarketCap, Onyxcoin is currently exchanging hands at around the $0.005626 mark, with a market cap of $204.65 million. Remarkably, the daily trading volume of XCN has skyrocketed by more than 285.67%, hitting $46.64 million.

XCN chart (Source: TradingView)

Can the Bulls Maintain Their Upward Momentum?

With recent fluctuations in price showcasing a mix of red and green candlestick patterns, Onyxcoin seems to have entered a bullish phase, eyeing potential gains towards the resistance range at $0.005738. Should bullish pressure continue to strengthen, there is a possibility of climbing higher, potentially exceeding the previous high of $0.005869.

Conversely, if the price faces downward pressure and fails to hold above the pivotal support level at $0.005547, the selling force could intensify. This may lead to a breakdown below this critical price area, which could further pull Onyxcoin’s price down to $0.005416, complicating any potential for a bullish rebound.

Onyxcoin's Moving Average Convergence Divergence (MACD) line is currently situated above its signal line, suggesting the presence of bullish momentum. There are indications that buyers are gaining dominance, hinting at potential upward movement. However, the Chaikin Money Flow (CMF) indicator shows a value of -0.26, underscoring the prevailing selling pressure in the market. Capital appears to be exiting the asset, indicating a trend towards distribution rather than accumulation.

Additionally, the Bull-Bear Power (BBP) reading stands at 0.00034, slightly favoring the bulls, although the buying pressure remains too weak to guarantee a sustained uptrend. Also noteworthy is Onyxcoin’s daily Relative Strength Index (RSI) at 56.72, which places it in a neutral-to-bullish zone, showing a slight positive momentum with buyers currently in control.

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