Onyxcoin (XCN) has dropped 16% in the last seven days, although it increases 52% in the last 30 days. The XCN relative resistance index (RSI) is currently at 40.1, indicating a slight bearish momentum but not strong enough to report the occurrence.
Meanwhile, the average directional index (ADX) fell to 15.1, which suggests that the downward trend loses force and could lead to a period of low momentum. Despite the downstream trend in progress, the exponential mobile average lines (EMA) show that XCN has applied to challenge key resistance levels and potentially increase until 30% before March if the bullish momentum resumes.
XCN RSI has been neutral since February 12
The XCN (RSI) relative force index is currently 40.1 and has remained less than 50 in the last 5 days without falling at the level of 30.
This indicates that XCN has experienced a slight lower momentum because it remains under the neutral brand at 50.
However, the fact that he did not touch the 30 levels suggests that the sales pressure is not overwhelming, potentially signaling a consolidation phase or a weakening of the downward trend.
RSI is an oscillator of Momentum which measures the speed and variation of price movements, ranging from 0 to 100. As a rule, an RSI greater than 70 is considered to be overcoting, indicating that an asset may be due for a correction or A withdrawal.
At the same time, an RSI less than 30 years is considered to be occurring, suggesting a potential buying opportunity because the assets could be undervalued.
With RSI from XCN to 40.1, it is in a prudent area where the lowering feeling exists but is not particularly strong. This could mean that the price is in the consolidation phase, waiting for a catalyst to determine the next direction.
If the purchase of interest resumes, XCN could move to the 50 mark, signaling a potential reversal of the bullish momentum. Conversely, if it continues to weaken, a drop below 30 would indicate increased sales pressure and a possible continuation of the downward trend.
Onyxcoin adx shows that the downward trend is relaxed
Onyxcoin, built on Arbitrum, currently has an average directional index (ADX) of 15.1 after reaching a peak of 29.4 only four days ago. Since then, the ADX has decreased regularly, indicating a weakening trend.
The fall below 20 suggests that the downward trend, which has been present in the past few days, loses momentum.
While the price of onyxcoin is still in a downward trend, the decreased ADX indicates that the strength of this lower movement decreases, potentially leading to a period of consolidation or to a slowdown in the sale pressure.
ADX is an indicator used to measure the resistance of a trend, whatever its direction. It varies from 0 to 100, with values below 20 indicating a low or non -existent trend and values above 25 suggesting a strong, optimistic or downward trend.
When the ADX increases, it signals the strengthening of the momentum, while an ADX declining suggests weakening the strength of trends. Onyxcoin’s ADX at 15.1 suggests that the current decreased trend loses energy and that the market enters a low momentum phase.
This could lead to a period of price consolidation or even a potential reversal if the purchase of interest returns. However, as long as the ADX remains less than 20, all price movements are probably low and lack significant directional strength.
Can onyxcoin increase by 30% before March?
Between January 15 and 26, the XCN price jumped more than 1,300%, making it one of the most efficient altcoins of January. However, its price began to decrease after that.
The exponential mobile average lines of Onyxcoin (EMA) indicate that the downward trend is still present, but the momentum is not as strong as it was a few days ago.
This suggests that the sales pressure has been slightly released, although the bears always have control. If the sales pressure persists, XCN could test the level of support at $ 0.017.
A break below this support could open the way for a deeper correction to the next key support at $ 0.014.
Conversely, if the bearish momentum fades and that a trend reversal occurs, XCN could question the close resistance to $ 0.021. A break above this level would point out a potential change in the feeling of the market, leading to a gathering to the next resistance at $ 0.025.
If a bullish momentum is built more, XCN could target $ 0.0339, representing an advantage of almost 30% compared to current levels.
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