Onyxcoin Plummets 50% After 2000% Rally, Faces Uncertain Future
1min read Onyxcoin (XCN) has experienced a significant correction, losing over 50% of its value in February following a massive rally of nearly 2,000% between January 13 and January 26. Despite this decline, recent indicators show mixed signals. The Relative Strength Index (RSI) has remained neutral for the past nine days, fluctuating between 45 and 46, indicating a lack of clear upward or downward momentum. The RSI, which measures the speed and magnitude of price movements on a scale from 0 to 100, currently stands at 43.2, down from its recent high of 68.9 on March 2. Readings above 70 suggest overbought conditions, while readings below 30 indicate oversold conditions, which could precede a rebound. With XCN’s RSI at 43.2, the asset remains in neutral territory, where it has been since February 25. A move above 50 could indicate growing bullish momentum, while a drop toward 30 may signal increasing selling pressure.
The Average Directional Index (ADX) for XCN is currently at 16.8, down from 36.6 three days ago, indicating a steady decline in trend strength. This drop suggests weakening momentum, aligning with XCN’s recent downtrend over the past few days. The ADX measures the strength of a trend on a scale from 0 to 100. Readings above 25 typically indicate a strong trend, while values below 20 suggest weak or nonexistent trend momentum. With XCN’s ADX at 16.8, the current downtrend lacks strong conviction, meaning further downside may be limited unless momentum picks up again. If the ADX continues to decline, XCN could move into a consolidation phase rather than a sustained downward move.
After a historical surge in January, when XCN was one of the best-performing altcoins in the market, Onyxcoin’s price is now trading between resistance at $0.017 and support at $0.0143. Its Exponential Moving Average (EMA) lines show a bearish trend as short-term EMAs remain below long-term ones. If the ongoing downtrend continues, XCN could test the $0.0143 support level, and a break 
