In Summary
XCN declined by 50% in February, currently trading between resistance at $0.017 and support at $0.0143. The RSI remains neutral at 43.2 for nine days, showing no strong bullish or bearish momentum, with 50 being a key level to determine direction.
The ADX dropped to 16.8, indicating weakening trend strength, potentially leading to consolidation or a possible reversal.
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Onyxcoin (XCN) has lost over 50% in February after a nearly 2,000% surge from January 13th to January 26th. Despite the decline, its recent indicators show mixed signals. The RSI has maintained a neutral stance for the past nine days, and the ADX is indicating a weakening downtrend.
Currently, XCN is trading between the $0.017 resistance and $0.0143 support levels, with the EMAs still reflecting a downtrend. Whether the price rises or falls will depend on whether momentum returns or selling pressure continues to push XCN towards lower support levels.
XCN’s RSI Has Been Neutral For 9 Days
Onyxcoin has an RSI of 43.2, down from a recent high of 68.9 on March 2nd.
Since yesterday, it has fluctuated between 45 and 46, maintaining a neutral position without clear upward or downward momentum.
The RSI, or Relative Strength Index, is a momentum indicator that measures the speed and magnitude of price movements on a scale from 0 to 100.
A reading above 70 indicates overbought conditions, suggesting a potential correction, while a reading below 30 signals oversold conditions, possibly leading to a rebound.
With XCN’s RSI at 43.2, the asset remains in the neutral zone, where it has been since February 25th.
A move above 50 could indicate increasing bullish momentum, while a drop towards 30 could signal increased selling pressure.
Onyxcoin ADX Shows Downtrend Losing Momentum
XCN’s ADX is 16.8, down from 36.6 three days ago, indicating a steady decline in trend strength. This decrease suggests weakening momentum, consistent with XCN’s recent downtrend over the past few days.
The Average Directional Index (ADX) measures the strength of a trend on a scale from 0 to 100.
A reading above 25 typically indicates a strong trend, while a value below 20 suggests weak or non-existent trend momentum. With XCN’s ADX at 16.8, the current downtrend lacks strong conviction, meaning further declines may be limited unless momentum picks up again.
If the ADX continues to decrease, XCN could enter a consolidation phase rather than an extended downward move.
Onyxcoin Could Drop Below $0.014 Soon
After its historic rally in January, when XCN was one of the best-performing altcoins in the market, Onyxcoin’s price is currently trading between the $0.017 resistance and $0.0143 support levels. Its EMAs indicate a downtrend as the short-term EMAs remain below the long-term EMAs.
If the current downtrend continues, XCN could test the $0.0143 support level, and if it breaks below that, the price could decline further to $0.0134
However, the ADX indicates that the downtrend is weakening, which could open the door for a reversal.
If buying momentum returns, Onyxcoin could test the resistance level at $0.017, and if it breaks above that, the price could rise to $0.022. A stronger recovery, similar to its momentum in January, could push XCN as high as $0.0264.
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