Onyxcoin (XCN) Surges 22%: Is It Set to Soar Higher, or Will Profit-Taking Occur?

Onyxcoin (XCN) has seen a remarkable increase of over 22.94% in just 24 hours, reaching significant price levels. As buying interest continues, the question remains whether this momentum can hold or if profit-taking will interrupt the rise.

Key Takeaways

Onyxcoin (XCN) price surged by 22.94% recently, reaching a peak of $0.006492.
It is currently trading at approximately $0.005995, with a market cap of $215.22 million.
Daily trading volume for XCN increased by over 357.28%, nearing $46.74 million.
Technical indicators suggest a bullish outlook, but caution is advised as the asset is in the overbought zone.

Onyxcoin (XCN) Surges 22%: Is It Set to Soar Higher, or Will Profit-Taking Occur?

Current Performance of Onyxcoin

The price of Onyxcoin (XCN) has surged by more than 22.94% in the past 24 hours. Early morning trading saw the asset positioned at a low of $0.00482. However, as the XCN market displayed bullish sentiment, the price climbed to a maximum of $0.006492, successfully breaking key resistance levels between $0.0049 and $0.0063.

As of this writing, Onyxcoin is trading around $0.005995, with its market capitalization at approximately $215.22 million. Additionally, the trading volume for XCN has witnessed an impressive rise of over 357.28%, likely reaching $46.74 million.

Will Onyxcoin Continue Its Upward Trend?

The Moving Average Convergence Divergence (MACD) for Onyxcoin is currently positioned above the signal line, indicating a bullish trend. If the interest from buyers persists, there may be potential for the price to continue rising. Moreover, the Chaikin Money Flow (CMF) is also positive at 0.16, reflecting moderate buying pressure in the XCN market. This suggests that capital is flowing into the asset, further reinforcing the bullish outlook.

XCN chart (Source: TradingView)

On the 4-hour price chart for Onyxcoin, a bullish trading pattern emerges, highlighted by the formation of green candles. This could see the price rise toward a resistance level around $0.006473. Should buying pressure extend, a golden cross might occur, suggesting the price could push toward a high of $0.006959.

Conversely, if selling pressure dominates, Onyxcoin's price could retract to a support level at $0.005430. A fall beneath this point due to bearish activity could trigger a death cross, leading to a significant price drop below $0.004912 and complicating any potential reversal.

XCN’s Bull-Bear Power (BBP) stands at 0.00125, indicating a slightly positive sentiment with a mild bullish bias. However, active momentum appears to be weak and close to neutral. Additionally, the daily Relative Strength Index (RSI) for Onyxcoin measures at 79.86, showing it is currently in the overbought territory. An RSI above 80 raises concerns for a possible pullback or consolidation before the price can resume its upward trend. Although buyers remain in control, this signal suggests that current momentum might be nearing its peak.

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