Onyxcoin (XCN) Rockets 12%: Will Bulls Push Higher, or Is a Correction Looming?

• Onyxcoin has jumped over 12%, trading around $0.0056. 
• The 24-hour trading volume of XCN has exploded by over 285%.

The crypto market opened the trading day, attempting a recovery, with a spike of over 2%, sending the market cap toward $3.13 trillion. With the bullish and bearish shifts happening often, the price actions are directionless and unclear. As of now, not all digital assets are in green; some are still in red, stuck in the trap. 

Meanwhile, Onyxcoin (XCN) has registered a 12.61% jump over the last 24 hours. In the early hours, the asset traded at a low of $0.004995, and the bullish encounter has pushed the XCN price toward a high of $0.0065. To confirm the uptrend, the crucial resistances between $0.005036 and $0.006479 were broken. 

The CoinMarketCap data has reported that at the time of writing, Onyxcoin trades at around the $0.005626 zone, with its market cap reaching $204.65 million. In addition, the daily trading volume of XCN has exploded by over 285.67%, touching the $46.64 million mark.

Can the Onyxcoin Bulls Keep the Momentum Alive?

After a series of red and green candlestick formations, Onyxcoin has currently entered the bullish phase, and the price could climb toward the resistance range at $0.005738. If the upside pressure strengthens, the bulls might send the price high to the former high above $0.005869.

On the downside, upon a bearish rejection at the crucial $0.005547 support level, the bears might gain more traction and trigger a breakdown below the crucial price zone, which could likely push the Onyxcoin price to $0.005416. This makes the bullish reversal a bit more challenging. 

XCN chart (Source: TradingView)

Onyxcoin’s Moving Average Convergence Divergence (MACD) line is above the signal line, implying bullish momentum. Notably, the buyers are gaining control, and the price might be gearing up for an upward move. Besides, the Chaikin Money Flow (CMF) indicator value is at -0.26, with selling pressure dominating the XCN market. The capital is flowing out of the asset, showing more distribution than accumulation.

The Bull-Bear Power (BBP) reading of 0.00034 is slightly positive, and the XCN bulls have a very small edge over bears. With the mild buying pressure, the momentum is not strong enough to confirm a steady uptrend. Moreover, Onyxcoin’s daily Relative Strength Index (RSI) is positioned at 56.72. It indicates the asset’s neutral-to-bullish zone. The momentum is leaning slightly positive, with the buyers currently having the upper hand.

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