- Onyxcoin has become one of the best weekly winners after exploding + 100% in three days
- Technical indicators have suggested that XCN’s price could be reversed and cool off soon
Onyxcoin (XCN) was the most efficient Altcoin jewel this week after exploding 135% in the last three days. In addition, he dominated the daily list of winners and was the hottest asset in CoinMarketCap, with a massive increase of + 260% of the negotiation volume in the last 24 hours.
Will the Onyxcoin rally extend?
Source: XCN / USDT, tradingView
The wild increase has pushed the daily RSI (relative force index) to the excessive area, warning that the rally could be due to cooling. In addition, the Obro (on the volume of balance) has recovered strongly from the bottom of April, but faced resistance almost 91b.
Overall, technical indicators have shown massive purchase pressure in the past few days. However, they have exploited key levels that suggested that a slight price or a retracement could not be canceled.
The bulls could prolong the rally at the mid-range canal almost $ 0.02 if the OBR erases the obstacle above 91 billion. It would be a potential gain of 25%.
However, a price rejection in the middle of the range could drag XCN to the 200 DMA (daily mobile average), which stopped the dive of the first quarter 2025 and coincided with the lower range.
ONYXCOIN Low sales pressure
Source: Santiment
At the time of writing this document, health data revealed that those who held Altcoin for a month had an average of 45% of the 30 -day MVRVs. In most cases, this could attract profits and block the recovery.
However, there was a low sale pressure at the time of the press of these profitable holders. According to the measurement of the supply of health on exchanges, the downward trend (yellow) meant that more XCN tokens have been removed from the exchanges placed for sales.
In other words, the bulls had little room to push higher, according to the above indicators.
Source: Coanyze
Another positive data point was that the gathering was motivated by a strong task and a derived request. This was illustrated by the increase in TPCs and open interest rates (OI). Wild liquidations could significantly lower the value of the asset each time a gathering is driven only by the lever effect (peak in OI).
On the contrary, the assets could stabilize and push higher each time the rally is supported by a high demand for points, as in the case of XCN.
In conclusion, Onyxcoin could extend the rally to $ 0.023 and add additional gains of 25%. However, technical indicators have lit a potential price reversal and cooling.
