Onyxcoin's Momentum Falters After 22x Surge

Onyxcoin, after a massive rally, has been struggling to maintain its momentum, raising questions about its future trajectory. The cryptocurrency, which had surged by 22 times from January 1 to January 26, has since retreated significantly. Despite the pullback, the higher timeframe outlook for Onyxcoin remains bullish, suggesting that the current consolidation phase could be a temporary setback before the next move higher.

The Fibonacci retracement levels indicate that the 78.6% level at $0.0194 has been serving as support for Onyxcoin. This level was identified based on the rally from $0.0111 to $0.0499, which occurred after a short-term consolidation just above $0.01 in the second half of January. Since reaching its peak, Onyxcoin has been trending downward for the past three weeks, although key retracement levels have been defended.

The daily market structure for Onyxcoin is bearish, with the Chaikin Money Flow (CMF) and Moving Average Convergence Divergence (MACD) indicators signaling heavy selling pressure and bullish weakness, respectively. A crossover below the zero line on the MACD would indicate that downward momentum is dominant on the daily timeframe. However, the 4-hour chart suggests that Onyxcoin could have halted its pullback, with a range formation between $0.02 and $0.0255 observed.

The liquidation map shows that the $0.02-$0.021 region has high leverage long liquidations, which coincides with the range lows. Given the weak momentum and the CMF, it is likely that Onyxcoin prices will retest the $0.02 level before climbing higher due to the liquidity present in that region. This outlook might be encouraging for investors, as it suggests that the current pullback could be an opportunity for further gains in the long run.