The crypto market has recently recovered from a bearish phase, gaining 8%. Bitcoin and Ethereum have shown modest increases, but Onyxcoin (XCN) has emerged as a standout with a significant rise of 30%.
Onyxcoin attempted a breakout rally and has shown a strong recovery. It rose from a low of $0.01519 to $0.02065. The altcoin has successfully broken through key resistance levels at $0.01674 and $0.01944. This gives Onyxcoin potential for further gains.
Currently, XCN is trading at $0.01961, with a market cap of $640 million. The daily trading volume stands at $321 million.
The question remains: Can XCN bulls maintain this momentum? If XCN can break above the $0.020 resistance and convert it into support, a steady recovery may follow.
This could lead to a rise towards the $0.02547 range, boosting bullish sentiment. However, if it fails at the next resistance level, a bearish trend may emerge. A drop below $0.02157 could push Onyxcoin down to $0.017, complicating recovery efforts.
Onyxcoin’s Moving Average Convergence Divergence (MACD) line has crossed above the signal line, indicating a bullish trend. More buyers are entering the market, which is driving prices up. The Chaikin Money Flow (CMF) indicator at 0.20 shows strong buying pressure, suggesting that money is flowing into the asset.
