Onyxcoin Surges 68% in 30 Hours: Bullish Potential Amidst Volatility

Onyxcoin, an altcoin, has surged by 68% in just 30 hours, sparking interest in its next move. The recent rally comes after a 30% drop during a market-wide sell-off, with the coin bouncing back from $0.018 to its current level. This volatility has created a trader's paradise, with strong bullish reactions indicating underlying strength.

The coin's recent price action has been marked by a swift reaction from the 78.6% Fibonacci level, which could signal a bullish structure shift in the coming days. Onyxcoin's daily trading volume has increased by 12% alongside its 16% price gain in the past 24 hours. This suggests growing interest and momentum in the coin.

Analyzing Onyxcoin's chart, the 78.6% Fibonacci level at $0.0194 was retested during the recent price drop. The subsequent 70% bounce indicates bullish conviction, as the price quickly jumped away from this level. The fair value gap at $0.0282 is the next short-term support zone that bulls are expected to defend.

The H4 RSI has returned above neutral 50, indicating upward momentum, and the OBV has begun to trend higher, reflecting increased buying volume. However, the market structure remains bearish, with $0.0347 being the recent lower high that the price must overcome to flip the structure to bullish.

Santiment data shows that the 7-day MVRV is slightly negative, but the 30-day MVRV is strongly positive at 51.39%. This suggests that most short-term holders are in profit, which could lead to selling pressure as they take profits. The Network Value to Transaction (NVT) ratio indicates that Onyxcoin is not overvalued at press time, given the increased activity on the network.

In conclusion, Onyxcoin's recent price action and fundamentals suggest that the coin has strong bullish potential. However, investors should be cautious of potential selling pressure from profit-taking and monitor the coin's progress towards the $0.0347 resistance level to confirm a bullish structure shift.