3 Altcoins That Could Hit All-Time Highs in The Third Week Of August

Onyxcoin (XCN) is down nearly 10% over the past seven days, cooling off after a sharp 200% rally between April 9 and April 11. Momentum indicators suggest that the bullish trend may be losing strength, with both the RSI and ADX showing signs of fading conviction.

While XCN’s EMA lines remain in a bullish formation, early signs of a potential reversal are emerging as short-term averages begin to slope downward. The coming days will be key in determining whether Onyxcoin can stabilize and resume its climb—or if a deeper correction is on the horizon.

Onyxcoin Shows Early Signs of Stabilization, but Momentum Remains Uncertain

Onyxcoin’s Relative Strength Index (RSI) is currently sitting at 43. Readings above 70 typically indicate that an asset is overbought and could be due for a pullback, while readings below 30 suggest it may be oversold and poised for a potential rebound.

Levels between 30 and 70 are considered neutral, often reflecting consolidation or indecision in the market.

XCN’s RSI signals a neutral state but shows signs of gradual recovery. While not yet a clear bullish signal, yesterday’s upward move suggests that bearish momentum may be easing.

However, the fact that RSI failed to hit above 50 reflects lingering uncertainty and a lack of sustained buying pressure.

For now, XCN appears to be in a wait-and-see phase, where a continued climb in RSI could signal a shift toward renewed upside, but any further weakness might keep the price trapped in a consolidation range.

XCN Uptrend Weakens as ADX Signals Fading Momentum

Onyxcoin’s Average Directional Index (ADX) has declined to 11, down from 13.92 yesterday and 15.26 two days ago. This decline reflects a consistent weakening in trend strength.

The ADX is a key component of the Directional Movement Index (DMI) and is used to measure the strength—not the direction—of a trend on a scale from 0 to 100.

Values below 20 typically suggest that the market is trending weakly or not at all, while readings above 25 confirm a strong and established trend.

With the ADX now at 11, Onyxcoin’s trend is losing momentum, even though it technically remains in an uptrend. This low reading suggests the current bullish phase is fragile and may lack the conviction needed for sustained upward movement.

Combined with EMA lines that are beginning to flatten, the weakening ADX adds weight to the possibility that the trend could soon shift or stall.

If no surge in buying pressure emerges to reinforce the uptrend, XCN may enter a period of sideways movement or even a reversal in the short term.

Onyxcoin at a Crossroads as EMA Lines Hint at Possible Trend Reversal

XCN EMA lines remain bullish for now, with short-term averages still positioned above long-term ones.

However, the short-term EMAs have started to slope downward, raising the possibility of a looming death cross—a bearish crossover in which the short-term average falls below the long-term average.

If this crossover materializes, it would signal a shift in trend direction and could trigger a deeper pullback, after a 200% rally between April 9 and April 11, making it one of the best-performing altcoins of the previous weeks.

Key support levels to watch are $0.016, followed by $0.0139 and $0.0123. If bearish momentum accelerates, XCN could drop as low as $0.0109, marking a potential 38% correction from current levels.

On the flip side, if bulls manage to regain control and reinforce the existing uptrend, XCN could challenge the resistance at $0.020.

A breakout above that level would open the door for a potential rally toward $0.027, representing a 55% upside.

The post Onyxcoin (XCN) Shows Signs of Reversal After 200% Rally Fizzles Out appeared first on BeInCrypto.

Over the past two weeks, the broader crypto market has shown lackluster performance, keeping Ethereum within a tight trading range. 

Since July 21, the altcoin has repeatedly tested resistance near $3,859 while finding support at $3,524, struggling to break clear of this zone. With momentum fading, key on-chain metrics now suggest that ETH may face an extended period of sideways consolidation or a potential price breakdown.

Ethereum’s Big Players Step Back

According to CryptoQuant’s data, ETH’s falling estimated leverage ratio (ELR) across all cryptocurrency exchanges reflects waning investor confidence and a declining appetite for risk among its futures traders. Per the data provider, ETH’s ELR now sits at a weekly low of 0.76.

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The ELR metric measures the average amount of leverage traders use to execute trades on an asset on a cryptocurrency exchange. It is calculated by dividing the asset’s open interest by the exchange’s reserve for that currency. 

ETH’s declining ELR signals a market environment where traders avoid high-leverage bets. Its investors are growing cautious about the coin’s short-term prospects and are not taking high-leverage positions that could amplify potential losses.

If this pullback in speculative activity continues, it will reduce the likelihood of a near-term breakout and increase the chances of ETH remaining range-bound.

Furthermore, ETH whales have also reduced their accumulation over the past week, possibly to lock in profit.  According to IntoTheBlock’s data, the coin’s large holders’ netflow is down 224% in the last seven days, showing the retreat from ETH’s key holders.

Large holders are whale addresses controlling over 0.1% of an asset’s circulating supply. Their netflow tracks the difference between the coins they buy and the amount they sell over a specific period.

When an asset’s large holders’ netflow increases, whales are buying more of its coins/tokens on exchanges, potentially in anticipation of a price rally. 

On the other hand, as with ETH, when it declines, it signals reduced activity and profit-taking among these key investors.

ETH Bulls and Bears Face Off: Will $3,524 Hold or Break?

The metrics above highlight waning confidence in ETH’s near-term price gains and a reluctance among its key holders to commit significant capital to the market right now. If this persists, bearish pressure on the coin will increase, potentially triggering a breach of support at $3,524.

If this happens, the coin could extend its dip to $3,067.However, if the bulls regain dominance, they could drive a break above the resistance at $3,859. If successful, ETH’s price could climb above $4,000.

The post Two Reasons Why Ethereum’s Rally Is on Hold This August appeared first on BeInCrypto.