- 9% surge in Onyxcoin value pushed the price to $0.013.
- XCN’s daily trading volume has exploded by over 216%.
The global crypto market cap is settled at $3.87 trillion with a brief drop of 0.38%. With the Fear and Greed Index value holding at 53, a neutral wave is lingering in the market. The tokens are mostly charted in red, losing momentum. Notably, the assets like OKB and AB secured the top spots, emerged as the top gainers.
Meanwhile, Onyxcoin (XCN) appears as one of the trending coins that has gained by over 9.75% in the last 24 hours. The asset opened the day trading at a bottom level of $0.01196. Later, the XCN bulls stepped in and sent the price to a high of $0.01475, testing the resistance range between $0.01201 and $0.01470.
Assuming more gains to come on the way, the XCN price could face crucial resistance and clear the path. At press time, Onyxcoin traded within the $0.01313 mark, with the market cap reaching $456.77 million, as per CMC data. Additionally, the daily trading volume has exploded by over 216%, to $71.65 million.
What is the outlook for Onyxcoin?
The short-term bullish price trajectory of Onyxcoin has displayed the formation of green candles. The price might rise toward its initial resistance at the $0.01319 range. Upon the bulls gaining further strength, the XCN price could test the $0.01325 mark. On the downside, a failure to hold the $0.01307 level might trigger the bears to enter. An extended breakdown could likely pull the Onyxcoin price down toward its previous low of $0.01301.
Moreover, the technical analysis of Onyxcoin revealed that the Moving Average Convergence Divergence (MACD) line is above the signal line, with both lines below the zero line. This crossover indicates the bullish momentum is building and the weak overall trend. XCN’s Chaikin Money Flow (CMF) indicator is negative at -0.35, suggesting a strong selling pressure and the money is flowing out of the asset, showing the weakness of the price.
Onyxcoin’s Bull-Bear Power (BBP) value of 0.00074 is mildly positive but close to neutral. With the weak momentum, there is no strong bullish or bearish control. Besides, the asset’s daily Relative Strength Index (RSI) reading is found at 56.71, which implies a moderate bullish momentum in the market. This favours the buyers as the asset is in a healthy zone but not overextended yet.
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Source: https://thenewscrypto.com/onyxcoin-xcn-bulls-back-in-action-can-they-keep-the-fire-burning-at-resistance/