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Onyxcoin (XCN) lost over 50% in February after a massive rally of nearly 2,000% between January 13 and January 26. Despite the ongoing decline, its recent indicators show mixed signals. RSI has stayed neutral for the past nine days, and ADX is pointing to a weakening downtrend.

XCN is currently trading between resistance at $0.017 and support at $0.0143, with EMA lines still reflecting a bearish trend. Whether the price moves higher or lower will depend on whether momentum returns or if selling pressure continues to push XCN toward lower support levels.

XCN RSI Has Been Neutral For 9 Days

Onyxcoin has an RSI of 43.2, down from its recent high of 68.9 on March 2.

Since yesterday, it has been fluctuating between 45 and 46, maintaining a neutral position without clear upward or downward momentum.

RSI, or the Relative Strength Index, is a momentum indicator that measures the speed and magnitude of price movements on a scale from 0 to 100.

Readings above 70 indicate overbought conditions, suggesting a potential pullback, while readings below 30 signal oversold conditions, which could precede a rebound.

With XCN’s RSI at 43.2, the asset remains in neutral territory, where it has been since February 25.

A move above 50 could indicate growing bullish momentum, while a drop toward 30 may signal increasing selling pressure.

Onyxcoin ADX Shows the Downtrend Is Losing Steam

XCN’s ADX is 16.8, down from 36.6 three days ago, indicating a steady decline in trend strength. This drop suggests weakening momentum, aligning with XCN’s recent downtrend over the past few days.

The Average Directional Index (ADX) measures the strength of a trend on a scale from 0 to 100.

Readings above 25 typically indicate a strong trend, while values below 20 suggest weak or nonexistent trend momentum. With XCN’s ADX at 16.8, the current downtrend lacks strong conviction, meaning further downside may be limited unless momentum picks up again.

If ADX continues to decline, XCN could move into a consolidation phase rather than a sustained downward move.

Onyxcoin Could Fall Below $0.014 Soon

After a historical surge in January, when XCN was one of the best-performing altcoins in the market, Onyxcoin’s price is now trading between resistance at $0.017 and support at $0.0143. Its EMA lines show a bearish trend as short-term EMAs remain below long-term ones.

If the ongoing downtrend continues, XCN could test the $0.0143 support level, and a break below that could push the price further down to $0.0134.

However, ADX indicates that the downtrend is weakening, which could open the door for a reversal.

If buying momentum returns, Onyxcoin could test resistance at $0.017, and a breakout above that level could send the price toward $0.022. A stronger recovery, similar to its momentum in January, could push XCN as high as $0.0264.

The post Onyxcoin (XCN) Prepares for a Potential Rebound After 50% Correction appeared first on BeInCrypto.

The total crypto market cap (TOTAL) has recovered slightly as Bitcoin (BTC) helped the altcoins pull up as well. Ondo (ONDO) emerged as the leader of the crypto tokens, rising by 23% in the last 24 hours.

In the news today:-

• CFTC acting chair Caroline Pham revealed that the CFTC and SEC are in talks for further collaboration on digital asset regulation. Both agencies aim to enhance their joint efforts for the benefit of the public and the market.
• Bitwise has filed to create an Aptos ETF, leveraging the recent Delaware Trust application. Despite the SEC’s high volume of ETF applications, the filings have sparked bullish momentum for Aptos.

The Crypto Market Moves Up

The total crypto market cap surged by $127 billion over the last 24 hours, reaching $2.95 trillion. This brings it closer to the key resistance level of $3.00 trillion. The rise in market cap signals positive sentiment, depending on broader market cues.

The recent decline in volatility has helped cool the market, allowing for a period of consolidation. This reduced volatility provides the crypto market with room to grow. If TOTAL manages to break through the $3.00 trillion resistance and convert it into support, further upward movement toward $3.09 trillion is possible.

However, should the crypto market cap fail to breach the $3.00 trillion mark, it may struggle to gain traction. Falling through the support at $2.93 trillion could lead to a correction, erasing some of the recent gains.

Bitcoin Is Close To Claiming Key Support

Bitcoin is currently trading at $91,717, just under the key resistance level of $92,005. The altcoin is attempting to continue its uptrend, with the next major hurdle at $93,625. If it successfully breaches this level, Bitcoin could experience significant gains, attracting further investor interest in the short term.

The price of Bitcoin is poised for a potential rise, depending on investor behavior. If the selling pressure remains low after $92,005 is surpassed, Bitcoin could breach $93,625 and flip it into support. This would provide strong momentum, pushing the price further towards $95,761 and boosting market sentiment.

However, the bullish outlook could be invalidated if Bitcoin fails to maintain its momentum. A lack of buying pressure could lead to a decline below the support at $89,800, which could trigger a further drop to $87,041.

Ondo Jumps Massively

ONDO price has surged by 24% in the last 24 hours, trading at $1.19 after breaching the key resistance of $1.10. With strong buying pressure, the altcoin is now targeting the next major resistance level at $1.27, signaling a potential continuation of the upward momentum in the short term.

To continue its uptrend, ONDO will need strong inflows. If the altcoin successfully flips $1.27 into support, it could see further growth, reaching the $1.48 target. This upward momentum is contingent on sustained investor interest and the ability to maintain support levels for continued price action.

However, sharp selling could reverse the positive trend. If ONDO loses the support of $1.10, it could face a decline, testing lower support levels like $0.96. This potential drop would invalidate the bullish thesis, erasing recent gains and jeopardizing the altcoin’s recovery.

The post Why Is the Crypto Market Up Today? appeared first on BeInCrypto.