• Onyxcoin gains 8%, price stabilises near $0.020.
  • XCN’s daily trading volume has jumped by over 103%.

Yesterday’s crypto market rally entered bullish territory. Today, the assets have initiated trading with a brief spike of 0.15%, reaching a $2.92 trillion market cap. TRUMP and Onyxcoin secured the spotlight among top gainers and trending coins with notable gains. 

Onyxcoin (XCN) has registered a gain of over 8.38% in the last 24 hours. The asset opened the day at the bottom of $0.01863, and the bullish wave has triggered XCN to climb to a peak of $0.02434. 

The potent recovery of the asset looms only after breaking the crucial resistances between $0.022 and $0.025. At the time of writing, Onyxcoin trades at around $0.02082, with its daily trading volume having increased by over 103%, touching $197 million.

Over the last seven days, XCN has posted a solid gain of over 16%. The asset began the week trading at around $0.0179, and the weekly low was hit at around $0.01657. 

Is More Upside Ahead for XCN?

The four-hour chart of Onyxcoin reports a dominating bullish pattern, signalling a potential trend reversal from the downtrend. After multiple red candles, the recovery green candle has emerged. The mighty XCN bulls can likely push the price above $0.02147. Assuming a golden cross recovery, opening the way to hit $0.022.

However, if the daily chart prints a bearish signal, following the previous trend, a rejection might occur at the $0.01992 resistance. Further breakdown could drive Onyxcoin toward the $0.018 range, making the potential recovery more tough. 

Onyxcoin Pops 8%, Can It Stay in the Green While Eyeing $0.025? image 0 XCN chart (Source: TradingView )

XCN’s Moving Average Convergence Divergence (MACD) line has crossed over the signal line. This crossover indicated an increased buying pressure, and the price may continue to climb. Whereas, the Chaikin Money Flow (CMF) indicator at 0.01 suggests minimal bullish pressure, with the signs of caution or consolidation.

Onyxcoin Pops 8%, Can It Stay in the Green While Eyeing $0.025? image 1 XCN chart (Source: TradingView )

In addition, the asset’s Bull-Bear Power (BBP) value of 0.00157 infers a close move to neutral, with a weak bullish bias. Onyxcoin’s daily relative strength index (RSI), stationed at 62, signals the building of bullish momentum with room for further upside before entering the overbought zone.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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