Onyxcoin (XCN) Jumps 22%: Can It Keep Flying, or Will Profit-Taking Strike?

• Onyxcoin is up 22%, hovering around $0.0059.
• XCN’s trading volume has skyrocketed by over 357%.

After a longer period, the broader market sentiment has shifted to neutral, with a brief recovery spike. The majority of the digital assets have been trading on the bullish side, with some still in the red. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), are currently trading at $92.4K and $3.1K, respectively. 

Particularly, the Onyxcoin (XCN) value has jumped by over 22.94% in the last 24 hours. The asset traded at a bottom range of $0.00482 in the morning hours, and with the potential bullish shift in the XCN market, the price has mounted to a high of $0.006492, breaking crucial resistances between $0.0049 and $0.0063. 

According to the CoinMarketCap data, at the time of writing, Onyxcoin trades at around $0.005995 with its market cap resting at $215.22 million. In addition, the daily trading volume of XCN has skyrocketed by over 357.28%, likely reaching the $46.74 million mark. 

Is Onyxcoin Poised for Continued Upside?

Onyxcoin’s Moving Average Convergence Divergence (MACD) line is stationed above the signal line, deriving a bullish outlook. If the buying interest continues to increase, the trend may continue to move up. Moreover, the Chaikin Money Flow (CMF) indicator is positive, with the value at 0.16. It shows moderate buying pressure in the XCN market. The capital is flowing into the asset, and if it rises further, the bullish bias stays stronger.

XCN chart (Source: TradingView)

The 4-hour price chart of Onyxcoin reveals a bullish trading pattern, with the green candle formation. It could likely climb to a resistance range at around $0.006473. With an extended upside pressure, the golden cross would take place, and the price might move toward a high of $0.006959. 

On the downside, upon the bears taking control, the price of Onyxcoin might retrace to a support at the $0.005430 level. A breakdown below this mark with the bearish correction could trigger the death cross to unfold. The price would fall steeply below $0.004912, making the reversal harder.

XCN’s Bull-Bear Power (BBP) reading of 0.00125 is slightly positive, indicating a very mild bullish bias. So, the active momentum remains weak and close to neutral. Furthermore, the daily Relative Strength Index (RSI) of Onyxcoin is found at 79.86, suggesting it is in the overbought zone. If it is above 80, it hints at a potential pullback or consolidation before the trend can continue. Buyers are dominating, but it suggests momentum may be peaking.

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