Onyxcoin (XCN) Braces for Potential Rebound Following 50% Correction

Onyxcoin (XCN) experienced a significant downturn in February, plunging more than 50% after a staggering 2,000% surge from January 13 to January 26. As the price continues to decline, recent technical indicators present a blend of promising and troubling signs. The RSI remains neutral for the last nine days, while the ADX indicates a weakening downtrend.

Currently, XCN trades within the resistance range of $0.017 and support at $0.0143, with EMA lines indicating an ongoing bearish trend. The price trajectory will largely depend on whether buying momentum resurfaces or selling pressure prevails, pushing XCN towards lower support levels.

XCN's RSI Indicates Neutral Position for 9 Days

The RSI for Onyxcoin is sitting at 43.2, down from a peak of 68.9 observed on March 2. Since yesterday, it has fluctuated between 45 and 46, signaling a neutral market without definitive upward or downward movement.

The Relative Strength Index, ranging from 0 to 100, measures the velocity and magnitude of price fluctuations. Values above 70 suggest overbought conditions, hinting at a possible price pullback, whereas values below 30 indicate oversold conditions, which might prelude a price rise.

At its current RSI of 43.2, XCN maintains a neutral stance that it has held since February 25. A breakout above 50 could imply an increase in bullish momentum, while a dip toward 30 might reflect rising selling pressures.

ADX Indicates Weakening Downtrend for Onyxcoin

XCN's ADX stands at 16.8, down from 36.6 just three days prior, demonstrating a consistent decline in trend strength. This drop signals diminishing momentum, consistent with XCN's downtrend observed in recent days.

The Average Directional Index assesses trend strength on a scale of 0 to 100. Values exceeding 25 generally denote a robust trend, whereas readings below 20 suggest fragile or nonexistent momentum. With an ADX of 16.8, the current downtrend lacks conviction, indicating limited potential for further declines unless market momentum picks up again.

If the ADX continues to fall, XCN may transition into a consolidation phase rather than sustain its current downward trajectory.

XCN May Soon Test Support Below $0.014

After a remarkable surge in January, when XCN emerged as one of the prime performing altcoins, its price is now confined between resistance at $0.017 and support at $0.0143. The EMA lines indicate a bearish trend characterized by short-term EMAs lying beneath long-term EMAs.

Should the current downtrend persist, XCN may test the $0.0143 support level, and breaching this level could result in a further decline to $0.0134.

Nonetheless, the ADX suggests that the downtrend is losing strength, which could pave the way for a potential reversal. If bullish momentum returns, Onyxcoin could challenge resistance at $0.017, and a breakthrough above this mark could propel the price towards $0.022. A robust recovery akin to its January momentum might even see XCN ascend to $0.0264.