Persistent Gains of Onyxcoin (XCN) May Wane amid 10% Weekly Surge
Unleashing Onyxcoin's Next Move: Breaking Down the Numbers
Onyxcoin (XCN) is on a roll, surging over 3% in the past 24 hours and 12% for the week, putting its market cap back at around $640 million. But what's behind this surge, and where is the token heading? Let's dive into the numbers to find out.
The Rebounding RSI: A Neutral Stage Set
Onyxcoin's Relative Strength Index (RSI) has offered a mixed bag of late, hovering at 48.89 after climbing as high as 75 just five days ago. Despite a sharp drop to 34.88 yesterday, the RSI has since shown signs of recovery, signaling that selling pressure may be easing. This rebound suggests momentum is trying to find a footing, although the token remains below the overbought zone it briefly visited earlier in the week.
In plain English, the RSI is a technical indicator that helps trader gauge whether Onyxcoin is overbought or oversold. With the token currently in a neutral zone, there's room for further upside if positive momentum continues.
The Slowing Uptrend: Strength Wanes, but Gains Remain
Onyxcoin's Average Directional Index (ADX) has taken a tumble, plummeting to 23.64 from the 50 level it reached just a couple of days ago. This steep decline suggests that the strength of the recent trend has weakened, even though Onyxcoin remains technically in an uptrend. A lower ADX reading indicates that while the uptrend persists, the trend's strength is no longer as dominant as it was a few days ago.
To boil it down, the ADX is a technical indicator that measures a trend's strength without considering its direction. Values above 25 typically suggest a strong trend, while values below 20 point to a weak market. With Onyxcoin's ADX now at 23.64, the trend is still intact but waneing, requiring renewed buying pressure to maintain its momentum.
EMAs: Bullish but Tapping on the Brakes
Onyxcoin skyrocketed nearly 112% in April, making it one of the best-performing altcoins for the month. Its Exponential Moving Average (EMA) lines remain largely bullish, with the short-term EMAs still resting above the long-term ones. However, the gap between the short- and long-term EMAs has narrowed compared to previous days, indicating that the bullish momentum is losing some steam.
In essence, the EMAs help traders predict the direction of a coin's price movement. In Onyxcoin's case, the shrinking distance between the EMA lines suggests that a clear direction could emerge soon, be it a pullback or a continuation of the uptrend. Keep an eye on the coin's performance around the critical support zone of $0.018; a failure to hold could signal a drop toward the next support near $0.016. Conversely, if buying momentum returns, Onyxcoin could rally to test the $0.024 resistance.
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- The relative strength of Onyxcoin (XCN) has increased by surging over 3% in the past 24 hours, pushing its market cap back up to around $640 million.
- Onyxcoin's Relative Strength Index (RSI), at 48.89, has shown signs of recovery from a sharp drop, indicating momentum might be finding a footing.
- Despite a weakening Average Directional Index (ADX), Onyxcoin remains in an uptrend, though buyers might need to provide additional pressure to maintain momentum.
- Exponential Moving Average (EMA) lines in Onyxcoin remain bullish, but the gap between the short- and long-term EMAs has narrowed, suggesting a possible pullback or continuation of the uptrend.
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