What Crypto Whales are Buying Ahead of the White House Crypto Report

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.

Bitcoin has been on an upward trajectory this week, with its price pushing toward the crucial $110,000 mark. 

However, sustaining this momentum could prove challenging, as it has been for the last two months. Whales appear to be taking profits, which may impact Bitcoin’s ability to maintain these gains.

Bitcoin Whales Sell Heavily

Whale activity has been notable in recent days, with addresses holding between 1,000 BTC and 10,000 BTC, selling off significant portions of their holdings.

In the past week alone, these whales have sold over 40,000 BTC, valued at more than $4.3 billion. This selling pressure is likely a response to Bitcoin’s recent price rise, as these large holders may be uncertain about the sustainability of the rally.

This type of selling by whales can be detrimental to Bitcoin’s price, as it creates bearish pressure when such large volumes are sold at once. The impact of whale selling could prevent Bitcoin from maintaining its upward momentum.

In addition to whale selling, the Liveliness metric, which tracks the frequency of Bitcoin transactions, has seen a sharp uptick this week.

A rising Liveliness typically signals that long-term holders (LTHs) are moving their assets instead of holding them. This shift suggests that LTHs are opting to sell their holdings rather than accumulate, which mirrors the actions of the whales.

LTHs, with their significant influence over Bitcoin’s market, are likely to have a pronounced effect on price movements. If they continue to sell, it could lead to further volatility and potentially limit Bitcoin’s price recovery. 

Can BTC Price Make It Past $110,000?

Bitcoin’s price has risen by 7% in the last 24 hours, reaching $108,145 at the time of writing. The cryptocurrency is currently attempting to establish $108,000 as a solid support level.

However, the ongoing selling by whales and the shift in LTH behavior make it susceptible to falling back below this level.

If Bitcoin fails to secure $108,000 as support, the next support level could be around $105,622, with a further decline potentially pushing the price down to $102,734.

The impact of whale selling and LTH behavior may drive this downward movement if the market sentiment turns more bearish.

On the other hand, if institutional demand continues to rise and outpaces the selling pressure from whales and LTHs, Bitcoin could break through the $109,476 resistance.

A strong push past this level would pave the way for Bitcoin to reach $110,000, which would invalidate the current bearish thesis and continue the upward momentum.

The post Bitcoin Whale Supply Falls To 6-Year Low – How Will BTC Price React? appeared first on BeInCrypto.