Onyxcoin (XCN) rose more than 3% in the last 24 hours and almost 12% last week, returning its market cap to around $ 640 million.
After a Sunday's change, the technical indicators of XCN show important transfers that may shape its next move. RSI, ADX, and EMA structures of all suggest a mix of stabilized signs of momentum and caution. Here is a closer look at the current setup for onyxcoin towards the first week of May.
Onyxcoin RSI returns, setting the neutral stage for the next move
The Onyxcoin's relative strength index (RSI) is currently at 48.89, after reaching as high as 75 five days ago. The RSI has fallen hard at 34.88 yesterday but since the recovery, suggesting that the sale of pressure can be ereasing.
This recent bounce shows the momentum trying to stabilize, although the token remains well below the recent overbought zone that touched it earlier on the week.
The shift also suggests that onyxcoin is no longer near oversold territory, but not yet to show a clear direction for the next major move.
RSI is a widely used technical indicator that measures the speed and greatness of recent price movements of an asset to assess whether it is overbought or oversold.
Usually, an RSI above 70 indicates excessive conditions and potential for a pullback, while an RSI below 30 signals has oversold conditions and potential for a rebound.
In the RSI of XCN now sitting at 48.89, the token is in a neutral zone, providing the room for further upside down if the positive momentum continues. If the purchase of pressure increases from it, the XCN may develop a stronger recovery without immediately faced with technical resistance from excessive thinking.
XCN Uptrend remains, but the strength of the trend has weakened
The Onyxcoin average Directional Index (ADX) is currently at 23.64, a significant collapse from 50 levels only two days ago.
This sharp decrease suggests that the strength of recent trend has weakened, even though onyxcoin remains technically at a riot.
ADX refusal reflects a cooling momentum after a strong moving direction earlier on the week. While the revolt is still not intact, the lower ADX reading signals whose speed is no longer dominant like a few days ago.
ADX is a technical indicator that measures the strength of a trend, but not the direction. The values above 25 usually suggest a strong trend, while the values below 20 point to a weak or directionless market.
In the adx of XCN now sitting at 23.64, the trend is still moderate but close to loss of strength if the reading continues to collapse.
This means that while onyxcoin's uptrend remains, it may require a modified purchase pressure as soon as possible to avoid slipping at a period of integration or movement of sideways.
Onyxcoin holds support, but the EMA gap is cautious
XCN gained around 112% in April, making it one of the best performing altcoins for the month. The exponential transfer lines of the average (EMA) remain bullish, along with short -term ema still positioned above the long -term.
However, the gap between short -term and long -term EMA is narrow compared to recent days, indicating that bullish momentum has losing strength.
While the overall trend remains positive, the distance of the distance between the EMA suggests that the market is approaching a critical point where a clearer direction may appear soon.
In the last days, Onyxcoin successfully tested and held the zone support around $ 0.018, but this level remains fragile.
If XCN reviews this support again and will not be able to handle it, the price may drop to the next support near $ 0.016. Upside down, if the purchase of momentum returns, XCN may rally to test the resistance of $ 0.024.
A breakout above $ 0.024 can open the door for a continuity towards $ 0.027, offering a strong bullish setup if the momentum is strengthening.
Refusal
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