Onyxcoin's 16% Weekly Drop Hints at Potential 30% Surge

Onyxcoin (XCN) has experienced a 16% decline over the past week, although it has appreciated by 52% over the last 30 days. The Relative Strength Index (RSI) for XCN is currently at 40.1, indicating mild bearish momentum but not strong enough to signal overselling. Meanwhile, the Average Directional Index (ADX) has decreased to 15.1, suggesting that the downtrend is losing strength and could lead to a period of low momentum. Despite the ongoing bearish trend, the Exponential Moving Average (EMA) lines show a possibility for XCN to challenge key resistance levels and potentially surge by up to 30% before March if bullish momentum picks up.

The RSI for Onyxcoin (XCN) has been neutral since February 12, with the indicator remaining below 50 for the past 5 days without dropping to the oversold level of 30. This indicates that XCN has been experiencing mild bearish momentum as it stays under the neutral 50 mark. However, the fact that it hasn’t touched the 30 levels suggests that selling pressure is not overwhelming, potentially signaling a consolidation phase or a weakening of the bearish trend.

Onyxcoin's ADX shows that the downtrend is easing, with the indicator currently at 15.1 after reaching a peak of 29.4 just four days ago. The drop below 20 suggests that the downtrend, which has been present over the last few days, is losing momentum. While Onyxcoin price is still in a downtrend, the declining ADX indicates that the strength of this bearish movement is diminishing, potentially leading to a period of consolidation or a slowdown in selling pressure.

Between January 15 and January 26, the XCN price surged more than 1,300%, making it one of the best-performing altcoins of January. However, its price started to decline after that. Onyxcoin's Exponential Moving Average (EMA) lines indicate that the bearish trend is still present, but the downward momentum is not as strong as it was some days ago. This suggests that selling pressure has eased slightly, though the bears still hold control. If selling pressure persists, XCN could test the support level at $0.017.