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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.
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