- Short -term holders were sitting on considerable gains, which could cause some pressure to take advantage
- The rapid reaction of the fibonacci level of 78.6% meant that a change of bullish XCN structure could materialize in the coming days
Onyxcoin (XCN) has increased by more than 16% in the last 24 hours and its daily trading volume increased by 12%.
During the recent market -scale sale, Onyxcoin lost 30% when he reached hollow at $ 0.018. However, it has rebounded 68% of these stockings within 30 hours since.
This volatility is the paradise of a merchant, and the strong increased reaction of the stockings could be a sign of underlying force. What has XCN Bulls raised their sleeves?
Does Onyxcoin have a good buying opportunity?
Source: XCN / USDT on tradingView
During the second half of January, Onyxcoin experienced a sharp increase in prices and chain activity.
This rally was used to draw a set of Fibonacci trace levels. The recent drop in prices saw the level of 78.6% to $ 0.0194 Retetest.
The strong rebound of almost 70% since then was a good sign for investors. The rapid reaction has shown an optimistic conviction. The level of 78.6% was tested and the price jumped.
The fair value at $ 0.0282 was the next short -term support area that bulls should defend.
The H4 RSI was back above the neutral 50, indicating the momentum upwards. OBB has also started to rise upwards, reflecting the increase in the volume of purchase.
However, the market structure was down, $ 0.0347 being the recent lower for the price to be overcome. Such a movement would return the structure into an increased structure.
Source: Santiment
The 7 -day MVRV was slightly negative, but the 30 -day MVRV was very positive at 51.39%.
Consequently, most short -term holders were in profit, which could encourage them to make profits and contribute to sales pressure.
Realistic or not, here is XCN’s market capitalization in terms of BTC
The value of the network at the transaction (NVT) divides XCN market capitalization by its daily circulation. A relatively high report indicates that the network is expensive compared to the value transmitted on the network.
This had been the case in December and early January, but an increased activity meant that the token was not overvalued at the time of the press, according to the NVT.
Notice of non-responsibility: The information presented does not constitute financial investments, exchanges or other types of advice and is only the opinion of the writer
