Can the Bulls Lift Onyxcoin (XCN) Beyond the $0.020 Mark?

• The 16% jump has pushed Onyxcoin to $0.017.
• XCN’s trading volume has soared by over 153%.

The steady bullish recovery of the crypto market was short-lived. Mixed signals were brought in, with the assets being charted in both green and red. Notably, the active market sentiment is greedy as the Fear and Greed Index value sits at 69. Among the pack of altcoins, Onyxcoin (XCN) has registered a solid surge of over 16.45%

Onyxcoin kicked off the day trading at around its bottom range of $0.01488. The bulls entered with potent energy, triggering the price climb toward a peak of $0.0181. XCN has broken through crucial resistance levels between $0.01494 and $0.0176

As per CoinMarketCap data, at the time of writing, Onyxcoin trades at around $0.01744, with the asset’s market cap reaching $597.95 million. The daily trading volume of XCN has soared by over 153%, touching $96.89 million

The seven-day price chart of Onyxcoin has recorded a surge of over 25%. The asset’s weekly low was marked at around $0.013, and with the bullish shift, the price has risen to the current trading level

Will the Uptrend in Onyxcoin Continue or Fade?

Technical review of the Onyxcoin reveals a broader positive outlook. The Moving Average Convergence Divergence (MACD) line crosses over the signal line, indicating a bullish crossover, considered a potential sign of an ongoing uptrend, and the price may continue to rise. Besides, the Chaikin Money Flow (CMF) indicator found at 0.26 suggests a strong buying pressure in the market, with the capital flowing into the asset.

*XCN chart (Source: TradingView)*XCN’s four-hour trading pattern is on the upside, and the price could move up and find its resistance at $0.01751. An extended bullish correction might initiate the golden cross emergence to support the price action. The bulls may send the asset to its prior high at around the $0.01760 range

In turn, if the downside correction unfolds, the Onyxcoin price could break down through the key $0.01736 support barrier. A death cross might take place, with the strong bearish momentum. Also, the potent bears may likely trigger the price to retrace toward a low of $0.01728 or even lower

*XCN chart (Source: TradingView)*Moreover, the daily Relative Strength Index (RSI) settled at 76.49, pointing out that the asset is in overbought territory. But it also increases the chance of a potential pullback or correction. Whereas, Onyxcoin’s Bull Bear Power (BBP) value of 0.00287 infers a weak bullish momentum. This could mean the trend is losing strength or is up for a possible shift.

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