Will the $0.0050 Zone Act as a Launchpad or Stabilise?

• Onyxcoin is currently hovering at the $0.0053 range. 
• XCN’s daily trading volume has skyrocketed by 203%.

Among the altcoin pack, Onyxcoin (XCN) has emerged as one of the trending coins over the last 24 hours. It opened the day trading at a low range of $0.005061, and a sudden bullish turn has pushed the XCN price up to a high level of $0.005643. Also, the asset has tested and broken through crucial resistance levels.

At the time of writing, Onyxcoin traded within the $0.005387 zone, with the market cap reaching $202.05 million. In the interim, the daily trading volume of XCN has skyrocketed by over 203.33%, touching the $18.71 million mark. 

Over the last thirty days, the asset has notably surged by 11.86%, and the monthly lowest and highest trading marks were noted between $0.0045 and $0.0065. There was a series of upside-down moves on the chart. 

The current trading pattern of Onyxcoin is on the upside, and if the price action climbs to the $0.005528 resistance, it could witness the emergence of the golden cross. Gradually, the price might rise to the recent high at the $0.0057 mark, extending the bullish streak. 

With the bearish turn in the XCN market, the price could retrace toward the critical $0.0051 support barrier. The extended downside correction might trigger the formation of the death cross, and the bears would likely drive the asset’s price to $0.004919 or even lower.

Onyxcoin Outlook: Strong Upside Move or Signs of a Stall?

The technical analysis of Onyxcoin reports that the Moving Average Convergence Divergence (MACD) is above the signal line and both are above the zero line. It shows a strong bullish setup, with steady momentum. The market is moving higher, with dips getting bought unless momentum starts to fade.

Besides, the Chaikin Money Flow (CMF) indicator of XCN at 0.18 points to potential buying pressure. There is a clear inflow of money, and the buyers are actively stepping in. Significantly, the market is supported and firm, with continued upward strength, as long as that buying interest holds.

Onyxcoin’s daily Relative Strength Index (RSI) is positioned at 53.21, which sits slightly on the bullish side. Buyers have a small edge, and the uptrend is steady, not aggressive. The asset’s market builds strength, and there is room to push higher, as long as momentum continues to improve.

Moreover, the Bull Bear Power (BBP) reading at 0.00004 has virtually no difference between the buyers and the sellers currently. Notably, the XCN market feels undecided, without any clear push. This usually displays sideways movement unless stronger momentum starts to build.

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